www.iva.co.uk

hi
ive have only just got my iva approved, ive paid 3 payments and found out on friday im going to be made redundant in 4 weeks!

does anyone know what will happen to my iva now? will they suspend my payments until i get a new job?

im devasatated

kiki

Hey Kiki, that's awful, I'm so very sorry. Are you getting any redundancy pay? Do you think you can find another job in your field quickly? Your IP will help you as much as they can so keep them informed. X

thanks for the reply, i'll only be getting about 700pound and a months wages it will come out about 1800pound, im concerned the IP will take it all off me for the iva... im tying right now to get another job i dont want to be unemployed

kiki

Hi
Your IP will not take that money,you can use it to live on until you get a new job.
Speak with your IP,I am sure that they will help and good luck on the job front
Regards

Your IP can allow you a three month payment holiday without seeking the approval of creditors, and hopefully you will find another job in that period. If not, an additional extension of time can be sought providing creditors agree this at the creditors meeting.

Andy - with the number of redundancies that have been discussed on the forum lately, it has to be a good time for people to consider taking out IVA insurance. I am sure that many IPs would support their clients doing this in order to protect the position for creditors.

I would agree that some kind of insurance should be taken out to protect people in IVA's. Would an allowance be allowed for this as an expenditure?

I know the company who was setting up my proposal included an insurance automatically for events such as redundancy, but I am unaware of any other companies that include this in there proposals?. It is a policy that covers you for up to 12 months on 2 occasions during a 60 month IVA, and believe there is no increase in payments for the debtor.

I am sure that most IPs would allow this sort of premium at annual review time, given the current climate.