61 years old, terminated from job. £8212 left to pay in IVA.

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by Pauld5313 » Wed Jan 03, 2018 10:07 am
My wife and I have 35 months left on our IVA and currently still need to pay £13597.
However I suffer a long term mental health condition which has meant long periods of work.
Due to an incident at work surrounding my condition I am unable to return to my role so my employer is considering a legal compromise agreement with ACAS and myself to terminate my employment.
I am aware that I can keep 6 months net pay until or even if I find a replacement job which is fairly unlikely as I am 61 years and suffer this anxiety condition.
This would leave £8212 to pay to my IP . Could I propose a full and final settlement with this amount as to continue the IVA would mean our payments being drastically reduced from the current amount of £297 or do we just ask for another variation. Unfortunately we have used up all of our payment breaks Thank you
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by Foggy » Wed Jan 03, 2018 10:58 am
There is no reason why you could not propose a full and final settlement --- where would the extra £8k be coming from ?

I would have a chat with your IP as a smaller amount might do the trick in the circumstances.
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by kallis3 » Wed Jan 03, 2018 12:52 pm
I would agree you should try for a full and final but, what would you live on in afterwards?
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Lisa Thomas
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by Lisa Thomas » Wed Jan 03, 2018 3:21 pm
You could propose full and final on basis of payments made to date but creditors may not accept it.
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