Made redundant whilst in an IVA

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leigh

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Post by leigh » Thu Oct 04, 2018 1:57 pm
I've been made redundant, where does this leave me with my IVA ?

MerlinL14

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Post by MerlinL14 » Thu Oct 04, 2018 2:19 pm
You need to talk this through with your IVA company ASAP. You would normally be allowed up to 6 months salary equivalent from any redundancy payment, the remaining will need to be paid to your IP as a lump sum. Going forward from there really relies on whether you gain employment with in the time frame set out by your IP. But communication is your first priority.
Last Payment made 04/12/14. Completion Certificate 25/7/15. IVA company GT. No Issues

Shaun Vickery

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Post by Shaun Vickery » Thu Oct 04, 2018 3:04 pm
Great advice from Merlin, agree entirely, speak to your IVA firm.
Highly Commended at the British Mortgage Awards. For individual mortgage advice go to http://clients.theselectpartnership.co.uk/

Foggy

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Post by Foggy » Thu Oct 04, 2018 3:24 pm
I agree with Merlin ... a chat with your IP is in order, sooner rather than later. If you do not secure alternative employment within a reasonable period you might need to agree a payment break with your IP, which will be added back on at the end of the IVA.

The way forward will also depend on how far you are into the IVA.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
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Lisa Thomas

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Post by Lisa Thomas » Mon Oct 08, 2018 12:10 pm
Here is my video on the same question:

https://youtu.be/Nv9YGWYLps8
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
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