I posted a few weeks back about the fact im being made redundant in June/July and ill also be 26+ weeks pregnant by then.
I know my payout is going to be made up of 9 weeks notice pay and 7 weeks redundancy pay, a mere £3400 less tax on my notice pay. From what I've read on here, as its less than 6 months pay i should be able to keep it, right?
Depending on my finishing date, ill either be on JSA for a few weeks then automatically put onto Maternity Alowance, or ill go straight onto Maternity Allowance.
I rang my IVa company last week and they told me I cannot make a full and final offer (i didnt say i was being made redundant i just said if i were in a posistion to do it could i?) they said they only allow full and final to debt management and NOT IVA!! Even though last year I was given a figure of £4,400 for a full and final! They also said that if i paid my IVA off I would still have to meet the orignal dividend, but as my husbands IVA would still be running, and we would be an extra £150 per month better off, that they would expect my husband to increase his payments. So its really not worth it for the sake of a year as we wont be any better off for it.
My question is what do I do now? I havent told them yet about the redundancy as I havent been served any redundancy notice yet. Im thinking I could put part of my redundancy payout away to fund the next 9 months payments while im on maternity leave. We have also got to try and release £5000 equity between us in the next 12 months. We were supposed to release it last year but struggled so the creditors allowed us to defer it until this year, but things havent changed and I just know we wont be able to release any money so im really worried how that will affect us when we are so close to the end! We are almost 5 yrs into it and its already been extended by 12 months.
Sorry to ramble on Im just a bit worried and confused about what is best to do. x
Hi there, I remember your post a few weeks back, I hope you are keeping well. What a worrying time for you & you have come so far in your IVA, you have done really well, Im sure something can be sorted for you as its not in yours or the IPs interest to fail it so late on.
Im certainly not sure if you have been given the correct advise regarding IVA & Full & Final Offers, we have certainly seen many in similar situations to yourself & end their IVAs with a F&F.
Please hang around the forum today, One of the experts will be along to advise better than myself x
Final IVA payment made in April 2013, never ever thought we could do it or get through it but we did! X
An IVA.co.uk Mentor is someone sharing from their experiences of dealing with debt
You need to tell them about possible redundancy - as your income will suddenly drop off. As you are well into completing the IVA - they may accept "payments to date" - or offer another alternative
You seem to be getting conflicting advice from the staff and you need to speak to the IP themselves to get this addressed. If possible arrange a face to face meeting at a place convenient for you or at the very least speak directly to your IP and make sure they have the full file to hand.
