I’m 6 months into an IVA totalling 22k. I have several invisible disabilities and health problems, including being on morphine daily. I’ve been at my job 17 years, and out of the blue been told they don’t think I’ll cope going forward. They have offered a final figure of 7 months’ pay in final settlement. That’s 4K taxed and 10k tax free as I work 3 days. I do not have to take it, and I detest my job, only staying as it’s decent pay for working 3 days. It kills me to work 3 days. I dread every day. They don’t like me. I work hard and am good at my job but have many adjustments with more suggested. They aren’t happy.
I am with Jarvis IVA. I called them and they confirmed I could keep 6 of the 7 months’ salary if I choose to leave. I’ve asked for it in an email as I’m also neurodivergent and can misunderstand things. They said I could ask for more time to find a job from the outset, but I’m only being given 7 months’ salary. Presumably that means I can’t ask for more time than that?
What happens if I can’t find a job in that time? It’s very hard to get a job in my field, I don’t drive due to a disability, and have so much against me (despite my qualifications).
I have a long history of mh problems too.
I feel I have no choice but to stay at a workplace I hate. I can’t afford to be without an income.
As you know, you keep 6 months salary. From that you live, as you do now, and you make the regular IVA payments, as you do now. If, at the end of the 6 months you are still without employment you can ask for a payment break, which will be added back on at the end of the agreed term. This could be for up to 6 months, depending on your IP agreeing. After that you will need to maximise income through benefits and review the IVA from scratch --- creditors might agree to a reduced payment, if it is viable. Otherwise the IVA would fail and you would be back to square one.
If you have no assets and a low disposable income a DRO might work at that point, or maybe a DMP ( which could, however, take decades !)
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014 http://foggy.blogs.iva.co.uk