So just as I was beginning to see the light at the end of the tunnel with only 10 payments left to make before our IVA's are complete subject to there not being enough equity for an extension, I have been hit with the news I am being made redundant as far as I am aware I will only receive 9 weeks pay out I have worked for them just short of 10 years. Will all of my redundancy be taken off me or could there be a chance of me using this to complete the IVA? we currently pay £210 per month and I do not think we could manage on just my husbands salary. we are with CF.
Inter-locking IVA approved 25th Feb 2013 - F&F offer Accepted 06th July 2017 - Completion Certificate received 20th July 2017
You are normally allowed to keep up to six months worth of redundancy pay so I imagine CF won't want it. Speak to CF and explain the position to them. It may well be they accept payments to date as a full and final and close your IVA down - it's worth asking.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
You are usually allowed to retain up to 6 months salary equivalent in redundancy, with which to live ( and pay the IVA) while looking for work. So, on the assumption the compensation will be yours, you could use it for a F&F offer in the region of £2,000 (assuming no extension). Or, you could go for broke and request the F&F based on payments made to date (basically asking the creditors to call it quits). Speak to CF -- they are very helpful, usually, on the phone.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
