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Hi, I am currently on an IVA ( 2 years ) the job I am in now as just gone into Administration and there have already been lay off's, the question I have is;
A)What happens with my IVA agreement
B)What happens to the items thatI have got on fianace
C)I am a family man, with 3 children, my wife does not work, what would i get???

Hi PKV,

Sorry to hear your news. It happened to me last December, only 2 weeks into my IVA, like you I was petrified.

Firstly speak to your IP. There should be a condition in your agreement that would allow a reduction in payment to what you can afford in cases of redundancy

Secondly, I didn't have anything on finance other than my mortgage ( have to say Nationwide were exceptionally helpful with me at this time) I'd speak to these Creditors and explain that you have nothing coming in.

Finally, speak to Tax Credits who were also very helpful. I'd be wary about the final amount they give 'cos they are prone to making mistakes, I had to pay back just over £500 which caused a bit of a problem. Once you register for Job Seekers allowance you are also entitled to help with your council tax. Also, be wary about what you are exepcting from the insolvency service, my Boss owed me £3400 and I ended up with £860! This was because I was classed as an unsecure creditor where as the banks (God! I hate them!) were secured. As a result my ex-boss paid his insolvency fee's with my wages. The Insolvency service wouldn't give me that info but his IP did.

I was worried as hell but I luckily found work very shortly after, albeit with less pay, my IP didn't really seem to care that we had less income but thats another story.

My advice is to focus on what your good at and go and sell yourself to anyone who is advertising the work you do and send letters telling those who are not telling them that you are available, you'll be back in the saddle before you can spit.

Good Luck

Hi
If you are made redundant then you will need to speak with your IP,the may allow a two/three month break whilst you find work or if you have a redundancy payment this can be used to fund your living expenses and IVA whilst you find work.They can call a variation meeting and ask your creditors for a longer break.
You always have the option of bankruptcy
I do not understand you question regarding finance,but any items that you purchased using finance pre IVA are yours,unless they are under a HP agreement
You need to take advice from the CAB regarding benefits
Regards

Andy Davie
IVA.co.uk Spokesperson

About me:
http://www.iva.co.uk/andy_davie_profile.asp

IVA Helpline: 0800 197 4838
http://www.iva.co.uk/iva_helpline.asp

As your employer has gone into Administration, there will not be very much severance pay I imagine, depending upon the length of time you have worked there. Also this will take approximately two months for the Department of Employment to pay out.

Your priority at this time is to find alternative employment - and perhaps your wife also ought to look as well. This is needed to put food on the table, and keep a roof over your heads, which are higher priorities than funding your IVA.

At the same time as Andy says do make your IP aware of the situation, and ask for a short payment holiday until you decide what you are going to do. With a bit of luck the Administrators may sell the company, so there may be employment possibilities for you there at the end of the day.

Good luck.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk