What to do? Full & Final Help Please?

[borissbird]

Hello Everyone,

Have been looking on this brilliant website for months now and at last got round to seeking some advice.

As of tomorrow I will have paid 32 payments of my 60 month IVA. I pay £220 per month and have paid on the dot with no problems from the start.

I am concerned that over the next few months my circumstances will change and I will no longer be able to comply with the agreement. I work in the public sector and my department is currently under review, it is likely that I will be made redundant. Also we are going to have to move due to my partners work and even if I wasn't to facw redundancy the commute would be very difficult as I already work more than twenty miles away from home, this would increase to about 35 each way after the move which isn't practicle with a little one to drop off and pick up along the way. Also my daughter is due to start school in September and I am going to struggle to get sufficient child care so that she can be taken to and from school on the days that I work. Sorry for the lengthy explanation.

Anyway my partner has offered to give me £2,000 for a full and final settlement to my IVA.

I was wondering if this would be considered reasonable.

I would be really grateful for some advice please if anyone can help.

[Foggy]

Hi. I am also in the public sector and know what the future looks like -- though no-one can (or will) tell us what it actually holds at the moment !!!!

Anyway --- you have just over £6k left to meet the estimated dividend and fees, so a F&F of £2000 might seem a little low. Should you get made redundant your compensation (such as it now is) will need to be paid into the IVA and might well cover it. But, you aren't under notice of redundancy yet, so it might not happen.

The move and resulting childcare problems which mean you might have to give up work in any case could be used to (hopefully) sway the creditors to accept £2000 now in lieu of an uncertain dividend in the future.

It would be best to discuss this with your IP, as there are a lot of "ifs and buts" at the moment.

Best of luck.

[kallis3]

Hi and welcome.

I am also public sector and waiting to see what is going to happen.

I would hang on to see what is going to happen before making an offer. £2k might be a bit low but speak to your IP and explain all the circumstances.

[MelanieGiles]

Its really worrying for so many people at the moment, and in my whole working career I have never been asked to put forward so many variations. I think that every IP dealing with IVAs is in the same boat.

[kallis3]

It can only get worse as well Mel.

My job was always safe but not anymore! Hopefully I won't lose it but you never know.