www.iva.co.uk

Good afternoon

I am sure this question has been asked many times. Unfortunately, I will shortly be made redundant. I am being
told that all my redundancy had to be paid into the Iva.
I was under the impression that I could keep the equivalent
amount to six months wages? This would still leave a significant
amount to be paid in. Due to it being with Cleardebt I believe
it is covered by a payment protection policy.
Thanks in advance
Mark

As there appears to be an insurance policy in place you will need to resolve this directly with them especially if the policy covers for a defined period of time.

Under normal circumstances your impression would be correct

The insurance would only cover the Iva payment. Surely, living expenses for say 6 months must be the norm?
Thanks

If the insurance is only covering the IVA expenses then I would assume that your initial impression was correct (left 6 months less the amount covered by the insurance).

Hi, why do you not ask the IP to propose full and final using your redundancy monies.

font size="1" face="Verdana, Arial, Helvetica">quote:<hr height="1" noshade>Originally posted by lifenoteasy

As there appears to be an insurance policy in place you will need to resolve this directly with them especially if the policy covers for a defined period of time.

Under normal circumstances your impression would be correct

Dear Mark,

Firstly, I’m sorry to hear about your redundancy; it’s clearly a difficult time for you so I don’t want to make things any more complicated.

If you could email me directly at david.mond@cleardebt.co.uk I’ll be happy to review your case and let you know exactly where things stand and hopefully put your mind at ease.

Kind regards,

David

My post has at 1545 has been edited to remove a negative comment - credit where credit is due to David for picking up on this.

Thankyou David. I have forwarded on the email trail to yourself. It is very complicated to say the least. Part of me just wants to volunteer for the redundancy and offer a f&f. However, it appears this is not that simple.

I hope David is able to reassure you Mark1882 and all the best from me.

Thanks Mark

I have your email and I am having your file sent to me.

Will be in touch shortly.

Regards

David

Let us know how you get on with this?

Just a quick update. Once again a big thankyou to Mr David Mond. He has stood by has word and clarified the matter for me. Looks highly likely I am going to take voluntary redundancy and buy myself out of the IVA. It seems a no brainer as redundancy will probably be the outcome in the end anyway. Just need to check out a couple of things.
1./ Will the payments I make up until redundancy come off the settlement figure?
2./ I think the valuation of the house is way to high?
Thanks again
Mark

Hi Mark 1) They should do but it depends on what David has advised you he feels your creditors will accept as a fair offer. You might need to add on the contributions in the meantime to make it more attractive. 2) Then challenge it by getting you own. Yours will be more accurate if based on a real estate agent visiting the property rather than an online estimate.

Evening all just a quick update. I have decided to take voluntary redundancy and offer the full and final settlement. Just a few difficulties at present with the settlement figures. My Ip company have on-line valued my house at £107,000 which means we have to make quite a large equity payment.
However, my online check plus that of an estate agent say between £95 & £100,000.
The estate agent has sent the valuation by email but apparently that is not good enough and it must be a letter. To make matters worse they are insisting on 2 valuations from estate agents. I'm I right in thinking the valuation should be based on a quick sale etc. Things are never easy. Any advice appreciated.

Thanks
Mark

Value for quick sale and highlight everything if it needs doing! We needed new windows, guttering etc so made it clear.