www.iva.co.uk

Hi, I am having a variation report drawn up for a full and final settlement for my IVA as I may be made redundant before Christmas.

My IP emailed me today to say the creditors might want to know what would happen if I wasn't made redundant.

I'm not sure how to respond to this. If I am not made redundant next month, given the state of the economy and the amount of money my company are losing I could still be made vredundant at some point next year.

Any advice?

Thank you.

Just explain that to your IP. Tell them that your future employment is unstable and you would rather play it safe xx

Mrs Skint is right - the reason you are making the offer is that you are trying to anticipate what may happen either before or after Christmas.

However I would imagine that your creditors will also want to know if you will be entitled to any redundancy money and if so how much.

Though you will probably need a proportion of this to live off while you find another job, if the redundancy payment is significant, then they may prefer to wait to see what happens (i.e. how long it will take you to find another job and how much of the redundancy money is left to be paid into the arrangement)

Thanks for your replies.

I am only entitled to statutory redundancy which works out as £660.

May I ask where the money is coming from to effect the full and final settlement? If it is being provided by a friend or relative, then I assume you will be required to pay it back, so your IP should show an ongoing repayment to the extent of your current disposable income into the future.

Hi Melanie

My boyfriend is lending me the money and I will be paying him back with any disposable income I may have.

Thank you for pointing this out as I shall email this to my IP.

He must be a great guy! And I really hope that you don't lose your job. Good luck with the meeting.

Thanks Melanie.

He is a great guy,I am very lucky. I do feel a bit guilty as it is his savings but I will pay him back.