Hi I've been in an IVA for over 4 yrs now and have just been made redundant. I received an enhanced package - the majority of which is tax-free. Do you know if the IVA man would claim any of this money? On my present arrangement, I am contributing 50% of any bonus received but in theory I need to live off this money until I get a new job..
thanks in advance,
Hi Rachel and welcome to the Forum.
You need to contact your IP straightaway as you have received a windfall. You are normally allowed to retain up to six months living expenses but the rest would go to creditors. It may be possible to close the IVA down as full and final but you must contact your IP if you have not already done so.