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Posted: Fri Jan 16, 2009 2:00 pm
by stressed1
Just been given 2 weeks notice on my contract!!!!!
No idea what im gonna do now...
absoliutely devastated.
I dont get redundancy as i'm a contractor
Posted: Fri Jan 16, 2009 2:11 pm
by kallis3
Stressed1 that is terrible! I am so sorry for you.
Do you think you will be able to find further employment quickly?
Posted: Fri Jan 16, 2009 2:22 pm
by stressed1
Working in investment banking and the way the market is its a big struggle
no idea now what to tell my IP
Posted: Fri Jan 16, 2009 2:39 pm
by kallis3
You can only tell him the truth. We had another poster a few months ago who ended up in the same position as you. He eventually managed to find employment, and I believe he proposed an IVA again.
There is no point carrying on with your proposal as you will not be able to make the payments.
Posted: Fri Jan 16, 2009 2:48 pm
by stressed1
They have already taken 2 payments of £700 with the next one due next week.Whats gonna happen with that! money down the drain!
The creditors are constantly on my case as well.
No idea what they will end up getting now
Posted: Fri Jan 16, 2009 2:59 pm
by kallis3
Are you due to get that money refunded if the proposal isn't accepted? If so, get in touch with your IP, tell him why you can't carry on and ask for the money back.
Cancel the next payment - you can't afford to pay it.
Posted: Fri Jan 16, 2009 3:01 pm
by Adam Davies
Hi
If your IVA is not actually up and running then do not pay anymore money into it.
Speak with your IP as soon as possible
Regards
Posted: Fri Jan 16, 2009 3:03 pm
by Michael Peoples
Sorry to hear about your job loss and your IP will likely be sympathetic. You can go up to three months in arrears without creditors being contacted and an extension can be sought from creditors if your situation has not improved by then. Creditors should not be hassling you after an IVA has been approved but it can take a little time for all systems to be updated.
Contact your IP immediately and I would suggest you do not make the next payment as it will be needed by you to live on and to search for another job.
Posted: Fri Jan 16, 2009 3:04 pm
by kallis3
He's not in an IVA yet Michael.
Posted: Fri Jan 16, 2009 3:13 pm
by stressed1
If they cancel the payment due next week what will happen with the £1400 already paid?
Posted: Fri Jan 16, 2009 3:23 pm
by Michael Peoples
Sorry Jan I did not realise that. Having already paid £1400 I assumed it was up and running. However, the same applies to a one off IVA as to a variation and if he can raise £16-20K and he does not have substantial equity I see no reason why he could not clear his debt problems once and for all. I know it is a lot of money to find but if it is possible at least he can go looking for work without panicking about a failing IVA.
Posted: Fri Jan 16, 2009 3:27 pm
by kallis3
I do think it's dreadful when people have the rug pulled from under them, just as they are getting sorted out.
Did your company say what would happen to the money if you were unsuccesful stressed1?
Posted: Fri Jan 16, 2009 3:30 pm
by stressed1
they said it wouldnt be returned if the proposal was unaccepted- no idea what the course of action is now it wont get put forward at all- trying to find a convenient time to call them. I've emailed and adsvised of the situation
Can i also quickly clarify I am a she!
Posted: Fri Jan 16, 2009 3:44 pm
by kallis3
Sorry! I should have remembered!
Posted: Fri Jan 16, 2009 3:47 pm
by stressed1
No worries Jan- its probably cos i talk about beer too much!