Full and Final with Redundancy Pay?

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by iva2012 » Thu Jan 14, 2010 10:42 pm

It's been a while since I last posted!

I wanted to ask, my fiance' is being made redundant next month, and we have worked out tonight that he will be receiving £8475. We are just about to start our 4th Year of our IVA (of 6 as we had to change payments after job problems at the end of year 2).
So we worked out that if we stayed on the IVA as we are now, we pay £250 a month, so would be paying back 9,000 over the course of the next 3 years.

I see lots of people are doing the full and final settlements via 3rd party's, would we not stand in a position to do a full and final with redundancy pay of the 8,475? Would this money just be taken by our IVA company, and then IVA payments would continue as normal?
Our original debt was 26,000. We paid 350 for the first 2 years, and 250 for the last year totalling 11,400 so far, and would have for the next 3.

Thanks for any help in advance!


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by MelanieGiles » Thu Jan 14, 2010 11:15 pm
The redundancy money is already captured in the IVA as a windfall, but some of it will be allowed to be retained to cover your partner's lost wages until he finds another job.

It may be possible to negotiate an early settlement with creditors using this money, but how will you manage without his salary in the meantime?
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