IVA closed July 2011 but possible redundancy money will go to creditors

[mEdz]

FYi,

I have finished my 60mnth payments and my IP has said they cannot include any further windfalls as the IVA contract has finished.

Please note, i'm no expert in IVA or Law but this is a legally binding contract which has been fulfilled, therefore would not stand up in court, hence my response above.

But for peace of mind, i would seek professional advise from a solicitor if they try and take any of your money.

[mEdz]

In addition to above, this was based on my contract, details below but i suggest you read through yours thoroughly:

Liabilities:

60mnth payments of £285

50% of any net income during the course of the arrangement.

The dividend paid from this arrangement will be the full and final settlement of creditors claims against me.

[vince666]

I guess the key thing here is the definition of "the course of the arrangement" - does that mean 60 months or is it up until the case is actually closed?

[Foggy]

I fear the "course of the arrangement" includes the administrative closing down period. My proposal says that it runs for 66 months ( which includes a six month admin period), which can be extended at the IP's discretion, by a maximum of 6 months the first time and a further 3 months the second time.

[mEdz]

maybe i got lucky conditions, my arrangement states 60mnths

[Foggy]

Hopefully -- after all the "I" is for Individual