www.iva.co.uk

I`ve been in an IVA with Payplan since July08 and have always managed to just about pay my monthly payment even though I`ve been on benefit since August as my sick pay from work ran out.

Anyway my employer has now said that they want to ill health retire me and will be giving me after 21 years service roughly around 10K,now I have the windfall clause in my IVA proposal,will I be expected to hand all this money over or am I aloud to keep it as with my medical condition it will be nigh on impossible to find a job and I will need this money to pay all the usual bills until I hopefully get another job.
Any help would be appreciated as I`m worrying myself and making my health suffer again.[:(]

Hi Anglepark and welcome to the forum,

So sorry to hear of your ill health, what a worry for you. I'm not sure of the answer to your question but I'm sure one of the professional experts will be along soon.

If you do retire from work, how will you continue your IVA?

The settlement is technically a windfall - assuming that you have usual windfall provisions within your IVA, but a simple meeting of creditors to ensure that you can keep this to meet your ongoing living expenses after retirement may well be in order.

Assuming that you will have no surplus money left to fund ongoing IVA payments, is bankruptcy therefore a better solution in the long run. Do you have assets which would be at risk under such proceedings?