Made redundant in during last 3 months of IVA

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kevin517
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by kevin517 » Fri Mar 16, 2018 8:10 pm
Hello good evening I am moving into my last 3 months of a long six years I have been told that I am to be made redundant in may which will leave one month to pay. I will receive a redundancy payment will this be taken from me as already payed in £200 over the last six years debt of approx £20:000.
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Foggy
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by Foggy » Fri Mar 16, 2018 9:30 pm
It could be taken unless the IP determines otherwise (unlikely, but not impossible). Although you might have paid an amount equivalent to the original debt, you still owe the fees and statutory interest (which, if not covered at the end of the IVA the amount is usually written off only at the end).

To fully cover a debt of £20k plus fees and interest would need you to pay in around £33k
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luluj
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by luluj » Sat Mar 17, 2018 3:13 am
Have you informed your IP of your pending change in circumstances ? Although you say redundant in May will your payment be in May or June ?
Foggy is right that if it fulls within your iva creditors could expect your redundancy payment minus six months income for you to retain whilst searching for new work.
If it were me I would try and propose a full n final offer based on payments today due to change of circumstances and hope they are in a giving mood.
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