My partner and I are currently in an IVA. Over half way through and were due to finish early until my partner was made redundant.
My partner received redundancy pay and we were told that the company will calculate how many payments we can make from it and make them in advance.
We have spent a considerable amount of this money and I am worried we wont have enough when they ask for it. Much of it went on gambling (we hit a very low point and could see no way out. Since then we have come to senses and self excluded, installed gambling block software etc.).
If we can pay them as much as they want what will happen? I am terrified. We can probably pay a considerable amount just not all.
Probably the best thing is to be upfront and honest with your IP and explain what has happened and see if they can help before it gets too much. Try not to worry.
we will be honest, when they call this week if that ask for more than we can pay, i am just worried what the consequences tend to be and that our iva will fail
Hi .. who are you with? They have an unusual way of dealing with redundancy pay.
Normally, and according to how your own IVA is worded, you are allowed to retain the equivalent of 6 months income from the compensation, on which you live and from which you make payments into the IVA as normal. The rest of the compensation is paid into the IVA.
Anyway --- should there be any shortfall your IP can, hopefully, deal with this by way of extending the IVA to cover the "lost" amount rather than failing the IVA.
As said above, it is best to be open and upfront and get this all out of the way so that you can move forwards with confidence.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
