I have been made redundant this week and have contacted my IVA Co. Creditfix to advise them of my change in circumstance. I was hoping that I could use my redundancy payment as a full and final settlement.......they have advised that it's a windfall and will not be considered as a full and final is this correct?? All the forums I am looking at tell me something different. I am 5 years into a 6 year IVA please help!!
Unfortunately it is classed as a windfall but you are usually allowed to keep up to six months money whilst you seek further employment then the rest has to be paid across. If you manage to pay off your total debts in full plus fees and possible statutory interest then the remainder would come back to you.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
I am afraid that they are correct. You should be allowed to keep the equivalent of 6 months salary to live on (and pay your monthly IVA payments)while you seek work. The rest has to be paid over.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
