Little advise please, I am in year 4 of my IVA but my wife and I are going to be made redundant from our current employers.
I have a chance for a new job, but it is a 60mile round trip and a reduction of £3000 per year.
To make it work I need to get a new car, I was hoping to do this with the redunancy money I will get, but is this possible ? else I will have to refuse the job and go on the dole
Have a word with your IP and explain the situation to them. You would normally have to hand over the money as you have a new job but because you need a newer car then they may let you keep some of it.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
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Let us know how you get on - hope you do get to keep some.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
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Our IVA's over YIPPEE unbelievable!Seems like yesterday it was approved despite everything
thanks all,
Our payments are £375 a month, so approx £5000 left to pay, if they take all of our redundancy money approx £12000, do you think they would consider that as enough payment to end the IVA ?
You need to speak to them and explain - it could be that they will accept this money but if you can't get a newer car, how are you going to travel to work and live if you can't accept this new job?
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
I would be inclined to make a full and final offer of 5000 and tell them that your job is at risk. They may snatch your hand off for 5000 then you will be left with 7000 for yourself. Speak to your IP about it
I agree with Andy, speak to your IP explain your situation that you might loose your job. Offering a lump sum would be the best option in your situation.
I did this on completeing a year early and the offer I made was less and it was accepted. It would be a shame as you've come this far with your IVA to loose control of things.
I have just sent an email to my IP explaining the situation.
As both my wife and I will be made redundant to me the best option surely would be to accept a full and final payment.
If they accept £5000 I could still get a cheap to run, reliable car to take the other job.
The other option for them would be for both of us to be unemployed with a risk of the IVA failing.
Last edited by Omegadjinn on Sun Oct 30, 2011 2:41 pm, edited 1 time in total.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
Well, 3 months on, I have been just informed that by my IVA IP that the variation has been accepted at £5000 for full and final payment.
So thats It, 100% dept free, what a nice feeling.
Once I have payed the £5000, will I get some kind of notice of completion ?
What constraints am I still under, I presum no more yearly reviews etc ?
