www.iva.co.uk

Hi

I've got 17 months left of my IVA and it looks like I'm going to be made redundant. They have said that we will only get statutory redundancy which I think is one week's pay for each year of employment and as I've only been there 5 years its not going to be a fortune.

There won't be enough to pay 17 months payments and I'm panicking about what will happen. I'm 57 so it's going to be difficult to get another job. Will my creditors possibly accept whatever my redundancy is and finish it or will they fail my iva? I'm really stressed about it having got this far I'm terrified it will fail.

Hi, I'm sorry to read of your news about the redundancy. Maybe they'll freeze your IVA for a few months to see if you get a new role and then it can recommence, or could you suggest payments made to date due to your change in circumstance. There will be a solution please try not to worry too much although I do realise it's easy for me to say that. x

Hi. Have a good chat with your IP or case worker and see what they think. As Lesley says they might suggest a break for a while to see if there is a possibility of further employment, or, failing that they might consider payments made to date in settlement ( as y firm recently did for me, due to a drastic change of circumstances).

I am sure that in the circumstances your creditors would accept what you have paid to date in full and final settlement, but they may want you to take a six month payment break in the first instance to see how successful you are at finding alternative employment.

We are in the same situation and have 3 years left of a 7 year IVA. Yesterday they held a variation meeting and they have accepted payments to date. They are pursuing PPI and have said we will have our CC in 6 months!!

That is great news re the variation tamiami, hope things work out positively for you on the job front and you receive that completion documentation soon.

Great news Tamiami -- I too have been promised 6 months -- let's wait and see