Could I use £9000 to settle IVA

Get expert opinion. This is the place for new questions to be posted.
4 posts Page 1 of 1

jon855

User avatar
Posts: 1
Joined: Fri Dec 14, 2018 9:22 am

Post by jon855 » Fri Dec 14, 2018 9:22 am
I am currently looking at entering into an IVA, and it would start within the next 2 months. I am currently employed full time and have been made aware that in a year my work would offer me £9000 after tax to remain with the company for another 3 years. Some of this would be an early payout from my pension. I am 27 so no where near an expected payout from it this is just a one time deal. Would my IVA swallow all of this? If not could I use this £9000 to settle my IVA if it was a suitable amount.

kallis3

User avatar
Forum Expert
Posts: 74137
Joined: Mon Mar 17, 2008 4:02 pm
Location: United Kingdom

Post by kallis3 » Fri Dec 14, 2018 9:48 am
Hi,

How much are your debts?
http://kallis3.blogs.iva.co.uk/
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.

Foggy

User avatar
Forum Expert
Posts: 28141
Joined: Fri Dec 17, 2010 11:14 am
Location: United Kingdom

Post by Foggy » Fri Dec 14, 2018 10:18 am
It is likely that your IVA will take this payment, or at least around half of it, in addition to your usual monthly payments.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
Visit my blog here : http://foggy.blogs.iva.co.uk/

Lisa Thomas

User avatar
Industry Expert
Posts: 7267
Joined: Wed Dec 03, 2014 10:26 am

Post by Lisa Thomas » Fri Dec 14, 2018 11:06 am
Maybe you could use it to reach a direct settlement with your creditors and avoid an IVA altogether. Depends on your circumstances and level of debt.
I'm a licensed IP with 16+ yrs at Neville & Co covering the South West area. I have a YouTube channel with advisory videos on here: https://www.youtube.com/channel/UCMPTTu ... Z5k9ZcC2MA http://www.nevilleco.co.uk 01752 786800 Lisa@nevilleco.co.uk
4 posts Page 1 of 1
Return to “Ask IVA Forum and Industry experts”