www.iva.co.uk

Hi

I will be made redundant on the 4th October 2013 and I am looking at a decent amount of redundancy pay.

Would I be able to negotiate with my IP on keeping a fair chunk of it.

I want to buy a relatively new van and become a self employed courier. If I do this I would still be able to pay off the debt.

I hope you may be able to help.

Hi there and welcome to the forum

Anything is possible providing you justify the reasons for needing to retain funds. Arrange to have a chat with your IP, and see what they recommend.

How will your new self-employed status affect your ability to service your ongoing IVA payments?

If your going self employed it would be a good idea to draft a basic income / expenditure / cash flow spreadsheet for your new business to show the IP how you will be making your new income, how much this is anticipated to be and that you will have enough work coming in to service your basic overheads and give you a wage, don't forget you will have to account for tax and NI..

I know it sounds like a lot of work but it isn't really and I think your IP will ask for something similar anyway so better to be prepared.

Hi

Thanks for the responses.

I was hoping that the initial startup costs would be approx 12k and I was planning to keep about 3-4k for my initial outgoings for about 3 months ie rent, maintenance payments, IVA payments etc.

I am expecting about 19k redundancy pay (16 years as a teacher)

Would this be acceptable do you think.

What is included in the set-up costs of £12,000?

Hi Melanie

The costs would be for a relatively new van, courier insurance, public liability insurance, road tax, breakdown cover, satnav, advertising, rental of equipment (if I sub contract), fees for joining a work exchange scheme.

Hi Melanie

The costs would be for a relatively new van, courier insurance, public liability insurance, road tax, breakdown cover, satnav, advertising, rental of equipment (if I sub contract), fees for joining a work exchange scheme.

I guess you are going to have to convince your IP that this is the best way to preserve your ongoing contributions to creditors. This will most likely need the agreement of your creditors as well.

Hi Melanie

Do you think that it seems totally unrealistic and that it would be better to revise down on the initial outlay?

The thing is I know I could make this work and continue to pay into the IVA.

Would my IP need a business plan from me?