www.iva.co.uk

Hi All,

Little advise please, I am in year 4 of my IVA but my wife and I are going to be made redundant from our current employers.
I have a chance for a new job, but it is a 60mile round trip and a reduction of £3000 per year.
To make it work I need to get a new car, I was hoping to do this with the redunancy money I will get, but is this possible ? else I will have to refuse the job and go on the dole

Thanks

Hi and welcome.

Have a word with your IP and explain the situation to them. You would normally have to hand over the money as you have a new job but because you need a newer car then they may let you keep some of it.

good luck omega

Let us know how you get on - hope you do get to keep some.

Hope you get things sorted out Omega and all the best from me I hope things turn around for the better for you very soon. Hugs
Oscar

Hope this works out for you and you're soon on the employment wagon again. All the best and it would be good to hear from you again. x

thanks all,
Our payments are £375 a month, so approx £5000 left to pay, if they take all of our redundancy money approx £12000, do you think they would consider that as enough payment to end the IVA ?

You need to speak to them and explain - it could be that they will accept this money but if you can't get a newer car, how are you going to travel to work and live if you can't accept this new job?

I would be inclined to make a full and final offer of 5000 and tell them that your job is at risk. They may snatch your hand off for 5000 then you will be left with 7000 for yourself. Speak to your IP about it

I agree with Andy, speak to your IP explain your situation that you might loose your job. Offering a lump sum would be the best option in your situation.

I did this on completeing a year early and the offer I made was less and it was accepted. It would be a shame as you've come this far with your IVA to loose control of things.

Thanks for all the advice guys.

I have just sent an email to my IP explaining the situation.
As both my wife and I will be made redundant to me the best option surely would be to accept a full and final payment.
If they accept £5000 I could still get a cheap to run, reliable car to take the other job.
The other option for them would be for both of us to be unemployed with a risk of the IVA failing.

Fingers crossed - let us know how you get on.

good luck - hopefully they will accept a F&F offer of £5000 - I would hope they do for you !

P.s you may not want to tell them that you are gonna get 12000 because they will prob take it all

Well, 3 months on, I have been just informed that by my IVA IP that the variation has been accepted at £5000 for full and final payment.
So thats It, 100% dept free, what a nice feeling.
Once I have payed the £5000, will I get some kind of notice of completion ?
What constraints am I still under, I presum no more yearly reviews etc ?

Kind Regards.