just been told I going to loose my job

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

voyger02

User avatar
Posts: 19
Joined: Mon Mar 22, 2010 10:32 am
Location: United Kingdom

Post by voyger02 » Tue Aug 03, 2010 11:53 am
Hi all I have just been told I going to loose my job and will probally get 3 months money around 7k i am in the 4th year of my iva and my payments are 575 per month,I am not sure what to do as I dont think I will get a job very easily at my age,50, should i give the money to my ip or can i use it to survive whilst looking for work ie to pay mortgage etc.
 
 

Michael Peoples

User avatar
Industry Expert
Posts: 15189
Joined: Mon Nov 03, 2008 12:36 pm
Location:

Post by Michael Peoples » Tue Aug 03, 2010 12:00 pm
You should notify your IP but you can normally keep up to six month's living expenses while you seek a new job. If you cannot find a new job within this timeframe it may be worth trying to get creditors to accept what has been paid to date as full and final settlement.
Michael Peoples | McCambridge Duffy Insolvency Practitioners
http://www.mccambridgeduffy.com
If you would like to talk to me about proposing an IVA or have any questions at all please visit www.mccambridgeduffy.com
 
 

voyger02

User avatar
Posts: 19
Joined: Mon Mar 22, 2010 10:32 am
Location: United Kingdom

Post by voyger02 » Tue Aug 03, 2010 12:18 pm
Thank you for your reply Michael so should I offer my IP the 8k as full and finale payment,
 
 

Michael Peoples

User avatar
Industry Expert
Posts: 15189
Joined: Mon Nov 03, 2008 12:36 pm
Location:

Post by Michael Peoples » Tue Aug 03, 2010 12:23 pm
That is an option but this leaves the problem of how you are going to live until any benefit entitlement kicks in.

If you find a new job paying less and therefore leaving you no surplus you could offer what remains as full and final. Be careful about leaving yourself in a worse position but if for example you can manage to live on your partner's income a full and final may be the best way forward.
Michael Peoples | McCambridge Duffy Insolvency Practitioners
http://www.mccambridgeduffy.com
If you would like to talk to me about proposing an IVA or have any questions at all please visit www.mccambridgeduffy.com
 
 

voyger02

User avatar
Posts: 19
Joined: Mon Mar 22, 2010 10:32 am
Location: United Kingdom

Post by voyger02 » Tue Aug 03, 2010 12:31 pm
If they put this forward as a variation and it is rejected does that immediately mean that the iva will fail, that they will make us bankrupt and we will lose the house anyway. So, could I for instance say that if its rejected I go back to paying the monthly repayment using the 8K. Is that an option
 
 

Michael Peoples

User avatar
Industry Expert
Posts: 15189
Joined: Mon Nov 03, 2008 12:36 pm
Location:

Post by Michael Peoples » Tue Aug 03, 2010 12:34 pm
Creditors are highly unlikely to reject a variation because you lost your job. They may offer a six month break while you seek employment but realistically they would likely take the offer.

A rejected variation would just mean the IVA continues under the same terms and conditions unless there are modifications put forward to terminate or bankrupt. Speak to your IP and hopefully your mind will be put at ease.
Michael Peoples | McCambridge Duffy Insolvency Practitioners
http://www.mccambridgeduffy.com
If you would like to talk to me about proposing an IVA or have any questions at all please visit www.mccambridgeduffy.com
6 posts Page 1 of 1
Return to “Ask IVA Forum and Industry experts”