Hi my husband's IVA is due to finish in December this year.
It is looking like he will be made redundant in the next week or so. A friend has come forward and offered to pay our remaining payments in full. My question is:
1. Will the IVA except this offer from 3rd party.
2. if my husband does receive some redundancy would the IVA find out and demand it even though it would be paid off?
Your friend can offer to make the remaining payments for you but bear in mind it will take a few weeks to set everything up so if you are unable to make payments, you could ask for a payment break.
As to the redundancy, if it is received whilst the IVA is still running your husband would be allowed to keep up to 6 months worth of money whilst he looks for another job. The rest would have to be paid across.
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
Its not up to his IP to accept a lump sum settlement offer - a creditors meeting will need to be called to vote on it. This will take time by which stage your husband will already have received his redundancy package, which has to be disclosed to his IP.
It is possible he can keep 6 months worth as Kallis says whilst he finds new income.
How long does he have left in his IVA,how much does he have left to pay in installments and how much is the expected redundancy?