My sister is being made redundant from her job, she is only going to receive around £1000 redundancy pay due to the length of service and the fact that she works part time. She is a single parent to a child with special educational needs. She has asked if I would be willing to help her make a full and final offer to end her IVA; if I do this, what will happen if it is accepted? After I have made a payment, what happens if she gets a new job? Will the IVA company still have access to her accounts? Could they go back on the agreement? I want to help but have no experience of IVAs or how they work and do not want to make a payment if her IVA will not end. I have done some research and know you get a 'Completion Certificate' but from what I have read, this can take some time; what if she gets a new job before that is issued but after the payment is made? I would love to help her out of this incredibly stressful situation but am wary.
If the lump sum payment is accepted and the money has been paid to her IP they will no longer have a call on her wages, butm until the completion certificate is issued, they will have a call on any windfalls she has -- like lottery wins, inheritances paid or insurance compensation, amongst others.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
If you make an offer and it is accepted the IVA will finish and they cannot come back to you. Her creditors will be paid off and a completion letter issued. You will have to supply details of your bank account (for money laundering purposes only) and you have to specify that the money is only available for a full and final offer and will not be available otherwise.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
Foggy, she doesn’t seem to have an actual IP, she’s with CreditFix and it seems to just be a random person each time. She’s been very clear with them from the moment she found out she was at risk of redundancy, even so, they’ve only just told her there is an additional £300 admin charge on top of our offer (which is what is outstanding based on time left - 20 months and her current monthly payment of £100). She originally signed up with Knightsbridge but they sold all their clients to CreditFix. So, once they’ve accepted, they can no longer ask for access to her bank accounts even if we are still waiting for the completion certificate? I’m concerned that if she gets a new job following redundancy (she is planning on applying for a job on a different project but with the same organisation), they will say she has to continue the IVA even if I made the payment.
Creditfix are one of the faster ones at getting the completion certificate issued.
Her IP will be named on the Insolvency Register and will be one of David Rankin, Samantha Warburton, Katy Walker, Timothy Pope or Michael Sloper.
Credit Fix cannot add on any charges --- your offer amount is yours to decide and then up to the creditors to accept or deny. Yes, all IPs add about £300 to charges in the event of a variation meeting, but this usually comes out of the offer and is not added to it. However, not having to cover the extra fees might make the creditors more likely to accept.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
She will have been speaking to a call handler rather than the IP. Insist on speaking to the IP. If you look her up on the Insolvency Register it should show you the name of the IP.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
Thanks for the advice. Just to clarify, if she gets offered a new role, with the same employer, they cannot retract on the acceptance of a final offer, even if the certificate hasn't yet been sent? She is literally too afraid to apply for jobs at this point. Only in an IVA because she was left in debt by her ex husband is just so incredibly stressed by this entire scenario.
Once the IVA final offer is accepted she can apply for jobs wherever and she would not have to inform her company of this.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
