www.iva.co.uk

I would appreciate if you could kindly assist me.
I am currently filling the IVA income/expenditures review of my current situation which is due every year.
The IVA supervisor asked to include my last three payslips and my P60.
Unfortunately, I have been made redundant. Before the redundancy, my company recently made salary review and raised my salary – this however has only been paid for one month as I have been made redundant then. I earned around 20k last year and for one month I have been paid a salary that would reflect 22k per year.
I am currently with same company as a Temp for 7 weeks for £13.50 per hour. And I don’t know now what I shall declare on the IVA income/expenditure form as I am very afraid that this will affect my IVA in terms of payment.
The pay rise I have received appears on the last of the three payslips that I have to hand in, so that they will possibly questions if I earn that much more from now on. Obviously I do not as I have been made redundant. Moreover I even earn more for the next 7 weeks but then my situation is uncertain as my Temp contract runs only for 7 weeks, so that I have to find a job then. However I do not know what conditions my next job will offer.
Do you need more info or details to have a better picture?
Please it is a very urgent issue and I will be very happy if you can give me an advice
mas39

Hi mas39 and welcome to the forum.

Does your IP know about your redundancy?
If not you will need to speak to him/her about it as soon as possible.
You will need to explain the payrise, redundancy and present work situation.
Also, did you recieve any redundancy money?

Hi,

You need to inform your supervisor asap as this will have a bearing on your IVA.

How long have you been in your IVA? As Mrs S says, will you be receiving any redundancy pay? If so, this can be used to fund your normal bills (including the IVA) until you get another job.

Don't worry about how to fill in the form - contact your IP and chat through your current situation with them directly. They will understand that at present you are only working on a temporary contract, and therefore cannot accurately confirm a stable income. This can be conveyed to your creditors quite easily, and I do hope that you will find a permanent position soon.

Don't worry - explain fully to your IP your current situation and the fact that you are currently in temporary employment.

Make sure when he does your review you can only pay what you can afford and if your temporary position ceases that you would be looking for a potential variation and contribution holiday whilst trying to obtain new full time employment.

Hope you get sorted out soon.

Thannk you to all of you.
God bless you
mas39

Dear All,
I am at the end of my mortgage track rate, and my lender is not going to offer more business packages, they told me to 1)re-mortgage with anothe lender 2)stay with them at a variable rate.
I have approched different lenders and because of my IVA status, none wants offer me any re-mortgage. i then thought about the option 2, but it is a suicide. Finally I decided to sell my flat and pay back the IVA, is this possible?and if it is how much should I pay back? what is left? or the all ammount before of my IVA approval?

Thank you

Hi Mas

The best thing to do first is get your flat valued by an estate agent and see what it is worth. Unfortunately there are a lot of properties on the market at the moment so make sure that you get a realistic selling price. Then work out what equity there is going to be left.

In view of your recent redundancy your IP may be able to return to creditors and offer them the proceeds (if there are any) of the sale in full and final settlement of your VA. It is also possible to retain some of the proceeds of sale to cover your moving costs and the deposit on new rented accommodation.

On another tack - what is the current variable rate for the mortgage? Mortgage rates have fallen quite a lot recently - have you worked out what the new monthly payments will be and whether or not they will be affordable?

If I understand I have to pay all the equity to the banks? Actually,I have 15% of the equity which will can give me around 40/30K and what is left to pay for my IVA is only 18K. it will remain around 12k If I pay back what is left of my IVA
Is this that I have to offer to them or I need to give all the equity, which I have worked a life to have it?

Give Andrew Graveson of Brightoak a ring, his details can be found on the experts page. He is usually quite good at sorting out remortgages for people in financial difficulties.

I'm not sure about how much equity you would be expected to pay. You would probably be better talking to your IP about that.

thank you I will