www.iva.co.uk

I am writing on behalf of a friend who doesnot have email access. He is 65 and has enetered into an IVA where he pays £300 per month to the IVA organiser.

There is a charge on his property.

He is supposed to raise £43K between the third and fifth year of the IVA.

However, he is going to be made redundant on the 31 December and will find it hard to get re-employed at his age. What does he need to do now?

Any advice gratefully received.

Jo

Inform his Supervisor immediately. Creditors may accept a full and final settlement from his redundancy payment. He should also check his insurance policies to see if he is covered. A full and final settlement now may be easier got than a remortgage in his late sixties.

Does your friend know how much redundancy money he will be entitled to?

Also how much equity is there in his property?