3 years in... and now update with good news!!

[Neverguess]

Hi all,

Bit of advise needed.

I have just been made redundant and have been paying my IVA for just over 3 years. I pay 69p in the £ and owed £35000 originally. They have received over £22000 in payments so far from me. I pay £454 at the moment per month but this has only recently changed from £636 due to a change in living circumstances. I was originally paying £540.00

My question is does anyone have experience of companies accepting my final redundancy as final payment. It's only the standard amount of one week per year so will probably be about £1500.00 when I get it. Is this a ridiculously low amount to offer them??

I am obviously looking for work straight away but I will not be able to earn as much as I was on (was a good deal and luck more than anything) so whatever I get they IVA will need to be amended anyway. I am hoping they take the final settlement as that is all I have and will have for a now unknown time. I am prepared to give it to them to clear this. Does this sound feasible??

They have said to say I have the chance of a "gift" and to offer that. Is that right? Will I be penalised in anyway if it's not accepted?

Thanks in advance!!!

[Adam Davies]

Hi
Have a word with your IP.
It,s not impossible to end your IVA early but I don,t think that £1500 would be enough.
However once you do find work make sure that your IP asks for a variation to reflect your new wage.
Also ask them for a payment break whilst you seek work.
I presume that you do not have the fourth year equity release clause ?
regards

Andy Davie
IVA.co.uk Spokesperson

About me:
http://www.iva.co.uk/andy_davie_profile.asp

IVA Helpline: 0800 197 4838
http://www.iva.co.uk/iva_helpline.asp

[Neverguess]

Thanks Andy.

I thought it mioght be a bit low but it's all I can get.

I'll ask them about the payment break as well.

I'm not sure about the 4th year clause. What does that mean??

[Neverguess]

Just had a look around the forum and it seems to be to do with owning your home? I have no assets so that's not an option for me if that is the case.

[Neverguess]

I have had an email from my IVA company and they have said the following:

"With regards to your redundancy, i will need to see evidence of the redundancy and also any breakdown of monies owed to you, i must also remind you that any such money is classed as a windfall in your proposal. This therefore means it should be paid into your arrangement for the benefit for your creditors"

What exactly am I meant to live on if I am only given the statutory rate which equals about 4 weeks money??

[Skippy]

I don't agree with that at all. Surely your redundancy money is yours to live off while you look for a new job. If you had a massive redundancy package and walked straight into another job I could understand it, but that's ridiculous!

Yesterday is history, tomorrow is a mystery, today is the present - a gift to make the most of.

View my blog at http://skippy13.blogs.iva.co.uk/

[Neverguess]

That's what I thought as well, but that's what they have said.

I'm going to argue with them but it's yet another fight with DFD I am about to start!!!

[Neverguess]

Shaking and I feel sick and want to give up fighting them.

Bad enough being made redundant. Feel like just stopping all payments and seeing what happens.

Hate this even though it's my own mess but I have been trying so hard over the last 3 and a hlaf years and it feels as if it's all a waste.

[Lisa2009]

Hi Neverguess....Try to hang in there and stay calm.
Probably lots of people on the forum have felt like you do right now
the good thing is, we all have eachother and nobody judges.
I hope you get this sorted.

[scaredkez]

i am sure melanie giles has posted about redundancy payments recently, as you have no job the payments are firstly used to live on and then pay the iva, i am sure she said it is not classed as a windfall as you will have no other income, melanie will correct me if i am wrong, and sorry if i am, but surely common sense should prevail here how else will you live as you won't be entitled to job seekers until your redundancy has been used to fund your living expenses, surely?


kerri

Please view my blog at: http://scaredkez.blogs.iva.co.uk/

[Neverguess]

Thanks guys

Made an appointment for the job centre today as well. Thought I was being good and organised and trying to be responsible....now this kick in the teeth

[Neverguess]

Sorry, mind doing overtime at the moment so more questions!!!

If I went bankrupt, how do I stand seeing as I have paid more than half of my IVA already?

What does it mean to be discharged after a year? Will I only have to pay for 1 more year or 3 or does it all depend on the judge?

[scaredkez]

never if you go BR it lasts for 12 months in some cases they allow early discharge, if you are set an IPA it lasts for 3 yrs depending if your circumstances change for the worst, so far i haven't been given one as under the BR I+E my disposable income is £56 where as when i went for an IVA they tried to say i had at least £545???
what you have paid into your iva will not be taken into consideration i am afraid, but you will be debt free!!
kerri

Please view my blog at: http://scaredkez.blogs.iva.co.uk/

[Rainbow]

I agree Melanie has posted on here about redundancy money being to live off - Try searching for redundancy
Rainbow

[Neverguess]

Thanks again but looking at what they have said, they are doing a great job of scaring the life out of me

So if I go BR will that be on the amount left to pay??