www.iva.co.uk

hi, some advice please. i have 5 payments left on my iva, at about £394 a month, so totals £1970. i have been made redundent as the company i worked for have gone bust, i should be getting redundency sometime over the next 2 months ( have to claim for it ) and that should be well over what my remaining payments will be. Ive told my case officer about it, and hes being very helpful, i dont have another job yet and am claiming jobseakers ( though not seen any yet ) what would the best options be to finish my iva or to work things out with them, what would be great would be to sort the iva out, and still keep some if not all of my redundency. I also have a relative whos willing to pay my remaining payments, as it only runs now until october then its the end of the iva
Looking for options so i can cover every base at the moment
thanks
phill

Hi

I would give them a call or write a letter and explain your situation

Normally they take any windfall and thats used as a part of your overall debt and then you would just continue to the end as you are now
Your IVA payments are essentially a payment thats agreed for 5 years or whatever time period and you are not paying the interest So if your starting total was lets say £ 40,000 and you have paid £15,000 so far then your redundancy would be used to cover that shortfall thats my understanding anyway so even though you have 3 or 5 oayments to go Your creditors would like to get there paws on your redundancy so to speak Example if you get £3000 redundancy then they would take that and you continue as you are now

However as you are at the end and could clear the last 5 payments with your redundancy then they may take Either all your redundancy and say thats the end of payments as you will be unemployed so its somethng they may take on board in there consideration

Or they may say to pay the last 5 payments if you continue as normal you would really have just 3 left to pay when you get your redundancy and then you keep the rest

As with every IVA its individual to you and what they will let you do or not do is ultimately there decision

There will be a legal obligation and that you must do this or that but as you are near the end you may well get cut some slack
I would write them a letter and explain your situation and see how they can come up with an exit plan for you
good luck on getting to the end and good luck finding a new job


My user name Slippery Snake is not that I am a slippery customer I am the snake in snake and ladders

If your debts have been sold on (for pennies in the pound) your new creditors may agree a variation to take payments to date as a full and final but also if you have a relative prepared to make those last payments your IP may very well decide to accept that without the legwork of a variation at this late stage.

For me, start with the take payments to date as Full & Final then drop back to the relative finishing for you but on condition that the money is only available as a Full and Final to close the IVA.

Sorry about the redundancy, hope you find a new job soon and that your IP and creditors appreciate that you've met your obligations for over 4.5 years.

Hi Phil
You need to discuss this with your IP as depending on your original proposal you may be able to keep 6 months of redundancy money to give you time to search for a new job,...

I have read on the forum that in some cases you were allowed to keep 6 months worth of wages and the remainder if any was concerned surplus and needed to be paid into your IVA but contact your IP they will be able to advise good luck and sorry to hear about your job loss

thank you everyone for the advice, im speaking with my case officer tomorrow with a change of circumstances meeting, so will see what happens.Thanks for the support

When my Job was at rick i rung my IVA company and they told me i could take 6 months worth of wages and then the IVA ppl would get the rest if any

Hi Phil,

how di you get on with the IP?

x

My thoughts would be to see and end with payments to date.
Presuming you receive redundancy you will need this to live.
By the time this is all sorted you will have reached October anyway.
Interested to hear what your IP advised on way forward ....

hi all, spoke to my ip, the idea of coming to a lump sum settlement would take about 3 months to sort out to get creditors meeting to vote on it, that would be september, and i would only have 1 payment left, and i would have to keep my payments going whilst that was sorted out, so have had an option of a relative paying my monthly payments until the end of the plan or until i get another job and can pay myself, so going for this option, i will have to tell my ip when i get my redundancy but he seemed to indicate that i should be able to use that to make the payments myself and keep the rest.
Have to wait and see, but at least at the moment my payments are being made, the ip is happy, and im nearing the end of it all
Thanks for all the advice, it gave me a better idea of what to do and discuss with my ip.
Will post what happens with my redundancy when i get it and speak to my adviser,

Phill

We were in a similar situation last year with hubby off work with a torn ligament, we had 3 payments left to make and they told me not to pay after we paid the first and wait for the creditors meeting which concluded the iva then, but we were also supposed to pay 12 months extra in lieu of equity which they squashed, so good luck you may need not to pay any more

Fab news Phill! I'm glad you came to an agreement that you feel comfortable with x

Brilliant news Paul at least you know where you stand now and hopefully a jobe will be forthcoming so that stress and worry has been negated. Good luck for the future. xxx

Excellent outcome Paul. Time now to move forward and good luck for finding a new job x