i am currently 22 month into my IVA, and have found out that i will be made redundant in May. i pay 24p in the pound currently paying 520 pm.my redundancy would be around £35k what would be the best course of action,to pay off the IVA or to continue to pay monthly until i get another job(fingers crossed).
Your redundancy money is already captured under the windfall provisions of your IVA, but you ought to be initially allowed to retain it as compensation of loss of office until you find alternative employment - during which time you can of course continue to fund your repayments.
Most IPs will allow this arrangement to continue for a realistic time period - I would suggest up to 6 months. You could attempt to ask your IP if they feel it would be viable to make an offer to creditors based upon the lump sum, but do bear in mind that this is already an asset caught under the terms of the IVA and acceptance cannot be guaranteed - especially if you find alternative employment quickly.
Just wanted to say good luck with finding a new job - keep an open mind as to what work you can do - not necessarily what you have been doing - the job market is a tough one at the moment and people must remain open to change on both the type of work and the salary - think long and hard around the salary - what is the minimum you need to bring home to service your bills and agreements - don't be greedy as in the current economic climate for every job there is there will be nearly 50 people going for it - don't mean to alarm you to this fact but it is true and therefore think carefully and keep an open mind !
Sharing from experiences of dealing with debt
There is a solution for everyone .... Just need to stay positive !
