www.iva.co.uk

I'm on the home run. Starting last and final year. Being a Gov employee (indirectly) there is a strong chance I will be made redundant. I should know before xmas and it's like to be effective 31st March 2011. I should get some redundency money but not a lot. I'm trying to work out my options;

a.) I'm seriously looking to start my own business and am already preparing business plans but appreciate the banking restritions I might face.

b.) Pay of the IVA? Is this possible?

c.) Seek alternate employment pronto!

I might add that we are making plans to get married and live together in October once I've completed the IVA! SO COMPLETING THE IVA IS MY HIGHEST PRIORITY!

PS:- Just to complicate matters further my landlord has sold my lovely flat and I need to relocate at the end of Nov. I'm reluctant to take on the rental commitment with out a 12month salary/income strategy!!

But this all feels like a very positive opportunity I just need to see a path through it.

Can you help please?

Hi there and welcome to the forum

Firstly sorry to hear of the pending redundancy. As this is not a confirmed redundancy yet why not carry on paying and hope that when and if this happens you contact your IP without delay to discuss options. I know other posters have been allowed to keep their redundancy or part of it dependant on how much it is to fund everyday living whilst looking for new employment. If made redundant self-employment may look very attractive and there is nothing to stop you trying out your venture and hopefully this will be very successful.

If made redundant there is always the option that the creditors may accept what is paid to date as a full and final settlement. Worth speaking to your IP about this one.

I would like to wish you all the best for your future as you have a sound plan of what you want to do and hopefully all will be achieved along with the wedding. xx

Hi Lesley,

Thanks for a speedy reply. I don't know why I didn't find this fab forum sooner!! I'm reading lots of great posts.

Yes I'm certainly not panicing about work. I've got onto the employee council so I can see what is comig over the horizon. So I'll just keep my head down.

I hadn't considered the creditors might accept 'paid to date' Or combination settlement with redundency money. I'll consult the IP.

I plan to start the new business venture as it's internet based and I can work from anywhere and at anytime!! I'm going to speak to my current bank about a business bank account?!

Thanks for the kind words. I really really want to take a clean slate into the next 40 years

Redundancy is a windfall, so unfortunately you might find that you lose a lot of that money to creditors - perhaps you may only be allowed to retain up to six months salary equivalent by your IP. If at all possible, and I know this is largely out of your hands, try and hang in there for as long as you can until the IVA can conclude.

Thanks Melanie. I doubt I'll get one months salary as I've only been there four whole years but I will have 3 months notice to look for other employment or seriously commit to the new business ventures. I have spoken to my IP case worker today and discussed some options. My priority is to see it through and to start married life without the millstone!

I wish you the very best of luck with your new business - and look at this as an opportunity rather than a burden. In cases like this the IVA often has to take back burner whilst you get yourself sorted out.

Melanie,

I'm surprised by your comment that the IVA needs to take a back burner. I wasn't aware I could put it on hold as such. I have had the odd 1 month payment holiday over the years and I would prefer to explore the full and final offer approach or reduce all outgoings until I see this thing through. I guess its become a bit of a quest. And I would rather move in with my future wife once it's all paid off and done and I can draw a line under it. So what did you mean about putting the IVA on the back burner? Thanks

Ask your IP to negotiate a payment break with creditors, or look to other options if your priorities have changed such as bankruptcy proceedings.

Thanks Melanie,

I didn't want to go bankrupt because I wanted to set up my own ltd Company. I understood you could do this if you have been made bankrupt?

I'll keep things ticking along for now until I have a clearer idea about the job and its future.