I am 4yrs and 5 months into a 5year IVA contract and would like some advice please. I may be made redundant soon and have been advised by the accountant dealing with my IVA that in addition to continuing with my full monthly repayments until February 2011 (when it finishes) that I will have to give them 50% of any redundancy payment I may receive. I am 59 years old and job prospects are not good which means that I would need any redundancy payment due to live on. I am a married man and my wife is 71 and only receives a state pension. Your helkp with this matter would be very much appreciated.
Hi Michael and welcome to the Forum.
It may be an idea to try and raise a lump sum now to close down the IVA. You seem to be currently under threat of redundancy and given your ages and length of time you have paid I am sure creditors would be sympathetic.
If you are made redundant, the payment could be deemed a windfall and the most likely option would be meeting of creditors to determine how much creditors would allow you to keep.
