Would he be able to pay the remainder 10 months off with redundancy pay?

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natasha413
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by natasha413 » Sat Mar 17, 2018 10:10 am
Hi,
My husband has been in an IVA for 5 years. It was extended for an extra 12 months due to not enough equity. When it was extended, the guy that my husband spoke to said that he could have someone pay the 2k and have it over and done with, as long as the person gifting the money could confirm this in a letter.
Then my husband was made redundant, and was given 3 months wages. Would he be able to pay the remainder 10 months off with his redundancy pay?
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Foggy
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by Foggy » Sat Mar 17, 2018 10:26 am
natasha413 wrote:
Hi,
My husband has been in an IVA for 5 years. It was extended for an extra 12 months due to not enough equity. When it was extended, the guy that my husband spoke to said that he could have someone pay the 2k and have it over and done with, as long as the person gifting the money could confirm this in a letter.
Then my husband was made redundant, and was given 3 months wages. Would he be able to pay the remainder 10 months off with his redundancy pay?


In theory, yes, as you are normally allowed to keep 6 months salary whilst looking for new work (assuming you have the usual redundancy clauses) -- the rest would have been due to the IVA anyway if he was getting more than 6 months worth. There is a lot of IP discretion involved so a chat with his IP would be in order.

But .... 10 months left is cutting it very fine, depending on who you are with, it could take from 2 to 6 months to arrange, by which time the boat will already be leaving !
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luluj
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by luluj » Sun Mar 18, 2018 9:58 am
I would suggest holding fire - the time it takes to put offer forward, agreed and in place could easily equal the months left.
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natasha413
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by natasha413 » Wed Mar 21, 2018 10:42 am
luluj wrote:
I would suggest holding fire - the time it takes to put offer forward, agreed and in place could easily equal the months left.




The reason I ask this, and want it done quickly is, we need to sell our home by Oct, as we are in a crap cathment area for senior schools, and need to choose a new home in a different area by then. Also my husbands new job is less pay, and is payinv twice as much in fuel, he can't afford to fail it a second time.

Thank you for the replies so far
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kallis3
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by kallis3 » Wed Mar 21, 2018 11:00 am
I agree that by the offer is made and you have a meeting it would be better to leave it until the end. Your credit will still be shot for six years from the beginning of your IVA. Is there anyone who could help with finding a rental property in the meantime?
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natasha413
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by natasha413 » Wed Mar 21, 2018 11:42 am
kallis3 wrote:
I agree that by the offer is made and you have a meeting it would be better to leave it until the end. Your credit will still be shot for six years from the beginning of your IVA. Is there anyone who could help with finding a rental property in the meantime?



His Iva will hit 6 years in September, but payments wont end until Jan 19. I can't afford to rent a property and have a mortgage too, hence why he wants to offer his 2 months redundancy pay.
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