www.iva.co.uk

I have been dismissed from my work due to medical grounds and have been paid a lump sum of my 3 months notice in my wages instead of me working it and therefore I am currently unemployed. Do I have to pay this into the iva as technically its not a windfall, overtime or a bonus and it is not classed as redundancy as my job is there just i am no longer fit enough to do it. Also do you think they would accept a full and final if I offer the amount that they would have received after 5 years if it all went to plan.[?]

Hi

Technically I think that it redundancy on the grounds of incapacity?

They may accept it as a full and final dependent on how long your IVA has been running for BUT you need to seek the advice of your IVA company.

If it were redundancy ( and I think it would be treated the same way) you are allowed to retain 6 months worth whilst looking for work.

In view of the circumstances for your job loss I would suggest a chat with your IP to work out a way forward. A full and final is one option, but, if you have been in the IVA for a while the creditors might, in the circumstances, entertain closing the IVA on payments made to date.

I agree with Foggy. The money will be used to fund living expenses and would likely disentitle you to benefits for three months. A full and final seems reasonable whether using third party funds or payments to date.

full and final offer was accecpted in June and completion certificate received in July. This was one of the best things I have ever done. Thanks to step change I have a bright debt free future. Thanks everyone for all your advice of the last 3 years.

Congratulations Stripy legs Great news.

Great news - congratulations!!

Great news now onwards and upwards as they say. All the best for your debt free future.