www.iva.co.uk

Hi I have just been made redundant an Christmas eve I will be getting my pay which will roughly be eight thousand will the iva company be allowed to take that all from me I only have 18 months left of my iva I have 3 children and a mortgage, I applied for my ppi last year and got just under nine thousand and the iva company took the lot I am worried they will take all my redundancy pay from me thank you

Hi - So sorry to hear that. I think the general rule of thumb is your IP should allow you to retain 6 months worth to find new work/income but someone else should correct e if I am wrong here. You could use it to make a settlement offer on the remaining 18 months...? How much do you pay each month? You might find that the PPI put such a big dent in your balance that you may be bale to pay everything off in full and have a surplus.

Hiya I am paying £125 a month can I pay it off early as I had £18,000 debt by the time I have payed the 5 years that's £7,500 and they took the £9,000 thats why I was worried about them taking all my redundancy as then I would be paying more than I actually owed my debtors x

Hi FYI You will always owe the total amount of your debt plus interest plus costs, which by my calculations would be c£29k against which you were originally going to pay c£7.5k and to date they have actually received c£14.25k. By my calculations if your IVA continued as normal you would have £2,250 to pay from your contributions over the next 18 months. You could therefore offer £2,250 in f&f settlement and I hope creditors would look favourably on this as they will already be receiving more than was originally anticipated due to the PPI.

Thank you so much for your help I have a meeting with hr tomorrow and will find out how much I will be receiving exactly for my redundancy package then I will get in touch with creditfix and hopefully sort something out x

Good luck and let us know how you get on.

Fingers crossed it goes your way!!

Hi I am going to receive my redundancy and my notice pay and my holiday pay do I have to tell the iva company about the lot or just the redundancy money all together I am receiving £8338 thanks X

It would be the total amount.

You could ask that once they decide what you keep they accept payments to date to conclude your iva.

You disclose the lot but given all.that you can retain six month's living expenses hopefully you can keep most if not

I have spoken to iva company and they said they would let me keep 6 months worth of money which is 5700 if I get a job within the 6 months they take what I have left and they r taken nearly 3000 off me then they said I could offer a settlement fee but I am unsure of how much to offer any ideas please would be appreciated thank you x

Based on my earier post you would pay £2,250 if your IVA continued for 18 months on your original salary. If it takes 6 months for you to find a job they would only receive say £1500 for the remaining 12 months. And that's if you new wage does not decrease. They are already receiving an additional unexpected £3k. I would offer a further £1k to be done with it.