www.iva.co.uk

hi, well the enivitable has happenned and my husband has been made redundant.he received a letter yesterday from his IVA(DFD) and they have given the creditors until 29th sep to reply to them for a 6month payment break, but we are unsure as whether he should just declare himself bankrupt as we will have to pay an extra 6 months at the end and we are already £200 behind with our payments in the IVA and this is stopping him getting another job because the jobs he has seen are quite a lot lower than he was earning before.This month we will be 3months behind with the mortgage because the benefits agency have been so slow in processing his claim for JSA although I know this can be backdated.Any advice please?Also does anyone know the cost for bankruptcy if you are in receipt of JSA(CB)?

How far into the IVA are you? Any equity in the house?

Paul

hi 2yrs into the IVA, and no I don't think there is any equity,but in all honesty we are not bothered about keeping the house.

Any money from the redundancy? Given that the house isnt a concern then its perhaps worthwhile discussing bankruptcy with DFD,especially if he is unlikely to get another job on a similar wage. If DFD arent helpful about things you can always allow your IVA to fial and make yourself bankrupt. You have given the IVA a go but faced with job losses etc I dont think you will be alone in jumping out of an IVA and into BR.

Paul

only had £930 but as he didn't work his notice period of 3weeks that has all gone.

Was it his choice not to work his notice period?
If not he should still have been paid for it. I know it doesnt make much difference to nthe situation that you are in but just making sure he gets everything he should.

yes it was his choice not to work it as had a major disagreement over money with the boss.
Does anyone have any ideas or experience about what the creditors response may/will be?

I have no idea on this one. I hope Declan will pick up on it tomorrow.

ok thank you

Hi SPJ
Firstly, sorry to hear about your husbands redundancy and sadly it is something that is becoming all too common these days. There are a number of options available regarding the future of your IVA (the payment break being one). If you would like to discuss this in more detail, you can drop me a quick email (contact details are listed under my profile in the experts section).

Thanks

I am sure that your creditors will support the payment break, but at the end of the day this is only for a set period of time and you have to think of what may happen if your hubby does not find a job - presumably without the benefit of a reference from his former employer?

Bankruptcy is always an option for you to fall back on - and if it suits your current circumstances, then the sooner it starts the sooner it ends.

thank you for your quick response and your help Declan. Your colleague rang too and spoke to my husband about his options.

Glad Delan was able to help.

Let's hope your hubby gets a new job soon.

All the best from myself too. x

thank you both x