www.iva.co.uk

Oh boy....where to start? things have now gone from bad to worse and really now in need of some advise.
As some may recall I have been trying to get a variation since Jan. Guess what? yes still waiting.
Still thats the least of my worries now, have just been made redundant makes a variation all a bit academic now.
Have left with a bit of redundancy money and 13 weeks severance pay.
1: Do I tell my IP and will I lose the money as a windfall payment?
2: I guess I will have to fund the IVA for a further 3 months as that is how long my severance pay is for.
3: Then what? if I have not found a job by then (and with the credit crunch bitting this could be likely) will I then have to go Bankrupt? I would like to avoid this if poss as we only have 17 months left to go.
4: Say nothing fund the payments and hope something crops up?
5: Stick my head down the lav and pull the chain and hope everything goes away (maybe not as that is how I got into a financial mess in the first place)
Sorry for all the questions but trying to get everything in at once.
Still some good news the day I was told that I was redundant my computer went poof as well!! Just now got it back at least I'am not so isolated now.

The money paid to you is for compensation for loss of office, so it is definately not a windfall. This will enable to you live comfortably for the next three months even if you do not find work in the meantime, and you will be able to pay your IVA payments during this time.

How long do you feel that it may take for you to find alternative employment? If you have to stop making payments, then you will be allowed up to three defaults until your IP will have to look to either vary your IVA to buy more time for you, or bring it to a conclusion as a result of your loss of income.

Concentrate on the job hunting in the meantime, and I wish you the very best of luck with that.

Thanks for that Melanie,
I have a few ideas for future employment so hopefully it will not come to that. At least I have a 3 month breathing space.
Would you agree that it's best not to say anything until needs be ie 3 months?

Gettingthere, so sorry to hear your news, and how awful that it has come when you are so close to the end of your IVA.

I do hope you manage to get another job soon and that you can continue.

Just like to wish you all the best.

Hi Kallis,
Thanks for your support. Must admit that I don't feel too bad as yet as I have more cash than I can remember in a very long time!!!!!!
In 3 months time it may all seem a bit different.
Off to the job center tomorrow to see if anything there.
Had thought about applying for a taxi license and trying to put my redundancy to use. Any one has any insight to the ins and outs of this?

I would tell your IP straight away, and keep them informed of your jobhunting progress.

hey getting there, just wanted to say that I'm so sorry about your job. I hope you find something soon. X

I hope you get something soon, at least your redundancy payments are not seen as an extra windfall. I wish you all the best.

Maz

Thanks,
Will keep everyone posted on developments.
Hope the wait won't be too long. Nice to have a bit of holiday though.