Can I settle my IVA early?

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r.12

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Post by r.12 » Wed Aug 11, 2010 3:31 pm
Can I settle my IVA early? I am thinking of applying for voluntary redundancy, and offering half of my remaining IVA to the banks. The IVA company I am with doesn't like it, as they will be losing money off me.
 
 

luluj

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Post by luluj » Wed Aug 11, 2010 3:36 pm
My understanding is it will depend on the size of your redundancy. You are normally allowed to retain six months salary and then the balance should be sent into the IVA - whether your creditors then agree to say that is enough and the IVA ceases will depend on your own circumstances and what the chances are of finding alternative work - best speak to your IP direct and get a definitive answer from them.
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MelanieGiles

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Post by MelanieGiles » Thu Aug 12, 2010 1:56 am
I cannot see why that should be a problem - but if you receive a redundancy settlement then that will be deemed as a windfall, so you may not have the half to bargain with in the first place.

Chat things through with your IP to see what they would advise.
Regards, Melanie Giles, Insolvency Practitioner
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