www.iva.co.uk

Hi All

Haven't posted on here for a long time, just been getting our heads down with our IVA so I hope everyone is well. A quick question. We are coming up to starting out fourth year in our IVA and there is a possibility that my husband could be made redundant. What would happen to our IVA especially if, in the current climate, he is unable to find more work?

Thanks in advance for any replies.

Liz

I would suggest that your IP ought to seek the approval of creditors to terminate the IVA early, but is he likely to get any redundancy package from his employers?

Hi Melanie

Thanks for your reply. Yes he will get 26 weeks salary.

Liz

Ok - so I would suggest you seek to retain some of that money to tide him over until new employment is found, and perhaps use the remainder to offer a full and final settlement to creditors. Just make sure that you leave yourselves sufficient to live on, whilst at the same time knowing that redundancy is technically a windfall which is captured by the terms of the IVA in any case.

Ok, I understand. Thank you very much Melanie.

Liz

Would just like to send my best wishes in getting things sorted. Take care.

Paul