I owed a similar amount, and was paying out over £1000 per month when I realised that I was in trouble. I applied for and was granted an IVA although I had not missed a payment before starting the process

Yes it is true. It is classed as a windfall and therefore all but £500 will have to be paid into your IVA.

However your IP may allow you to use the money as if it were salary while looking for a new job. After you have found one you would have to pay the remaining money in.

HI Sam,
You are welcome. Good Luck to you too [:)]

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