Iva and Redundancy

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kallis3

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Post by kallis3 » Wed Nov 05, 2008 12:05 pm
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I totally agree with what you have said Skippy. Whether it is legal or not (which I doubt), I still think that it is dishonest.

I shall have to agree to disagree on that one as well.
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Viki.W

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Post by Viki.W » Wed Nov 05, 2008 12:39 pm
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go_4_broke, why wouldn't the hypothetical person we are talking about want to repay his debts?
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go_4_broke

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Post by go_4_broke » Wed Nov 05, 2008 3:38 pm
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Hi there

Yes, I (dis)agree !

You could look at it the other way.

If someone really wanted to repay their debts in full, they should go into a neverending as-long-as-it-takes DMP, maybe 10-20 years.

So from that point of view, an IVA paying back say, 40% of debt is already a part cop-out.

Also the law says it's perfectly OK to go bankrupt and pay virtually nothing, even if you could afford more, ie via an IVA.

So who's right ?

Not an easy answer I think.
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Mondie

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Post by Mondie » Wed Nov 05, 2008 4:02 pm
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I am using my redundancy money to offer a full & final settlement to my creditors. Although it is a little upsetting to be handing over the money, I feel that it is a huge weight off my shoulders to pay off my IVA and something that we should all be striving to do in the best way possible.
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LoneRanger

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Post by LoneRanger » Wed Nov 05, 2008 4:44 pm
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If i were to ever revieve a large sum like that, i would expect to be able to live off it [not blow it] and then when i find suitable employment, give it a few weeks to see if the job is what i want and then pay the remainder of the redundancy into the pot. I would quite happily do that
Steve.

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