Hi have been told today at work that there are most probably going to be redunduncies within the next few months. We have been in an iva for just over twelve months and we owed £30000 at the begining what i would like to know is if i got offered £32000 which is probably what it will be would i have to give the iva company £30000 as a final settlement i am not too sure how this would work as i am still quite new to all this. Any advice would be much appreciated. Thanks
It really depends on how quickly you can find another job , although as we all know , it's difficult at the moment.
I would speak with your IP and look at offering a Full and Final settlement , probably around your outstanding payments less 10 or 15 %.
You will generally be allowed to retain up to six months salary equivalent, but will need to hand over the remaining sum to your IP as a windfall.
It may be possible for you to then broker an early settlement with creditors as a result, but clearly finding a new job would have to be an absolute priority.
