www.iva.co.uk

My IVA has been approved but what if i get made redundant,i would get a lump sum of about £35k against debt of £80k, paying 26p/£

would this be used as a final payment or would i have to continue paying £521.00 per month for full term of IVA?

also would it be beneficial to take some form of payment protection out and if so would that affect my payments.

Hi
Redundancy is a payment made to enable you to cover living expenses until you find employment and as such doesn,t form part of the IVA.However if YOU want to you can use it to offer a full and final settlement figure and in your case an offer of 26p in the £ would be a good one and likely to be accepted because of the fact that you are no longer working.
You can take out cover for redundancy but would have to fund this yourself ,from any savings that you can make, as your IVA has been approved.You could ask your IP at your annual review if it can form part of your expenditure as it will be of benefit to your creditors.
Regards


Andy Davie
IVA.co.uk Spokesperson and site manager
(aka Neverending)

Please check out my blog: http://andydavie.blogs.iva.co.uk

View my profile here:
http://www.iva.co.uk/andy_davie_profile.asp