www.iva.co.uk

Hi, We have an IVA with payplan. In our agreement it says that we do not have to hand over any redundancy if it equates to less than 6 months wages. My husband has been made redundant but is working for the same company on a self employed basis. We need his redundancy to buy the van required, however, payplan have said that because he hasn't been out of work we have to hand it over. There is nothing said about that in our agreement. If we do not use the money to buy a van then my husband is unemployed. How do we stand with this? Thanks

Hi - I would ask your case manager to refer this to your IP. Without seeing the exact wording of the proposal and chairman's report it is difficult to comment. I hope it goes well x

It is usual to only keep back six months if you are unemployed while you look for another jib. It will be classed as a windfall but hopefully you can get to keep some back to replace the van

I have to say that I am inclined to agree with Payplan's interpretation here, but common sense should prevail and perhaps a variation of terms ought to be submitted to your creditors to see if they will allow the van purchase - which seems sensible to me given tht without it your husband will not be able to earn and therefore fund the IVA contributions.