www.iva.co.uk

Ive done 24years in the military, Im also 2 years into an IVA, but i really want to now leave the mob!!!, I have no equity release as I put 16K in at the start, endownment + car, My problem is I have 40 payments of £700 left (28k) but my gratuity on leaving would be in the region of 40k, would my IP want all of this or could i do a full and final using some of my gratuity? Obviously I would effectivly be homeless when i leave the military so could do with as much as possible so i can rent some accomadation. Melanie i guess this is your speciality but i would appreciate any advice

cant offer much advice i am afraid the experts will be here shortly would just like to commend you on 24years in the forces they should wipe the slate clean for this alone !!!!!!

Thank you indebtforever i just wish my creditors agreed with you!!

Hi steve,

i'm not an expert in this field and have just completed my first year of an IVA, but what does it say in your contract, that might be a good place to start until Melanie can answer, i am in a similar boat with some compensation coming my way but all my contract says is to do with inheritance, windfalls and benefits.

Hope that you get a solution that is agreeable to all and that you can then restart your life, and i second what indebtforever says too.

O5 x

Surely this was discussed with you when you entered into the IVA Steve? I always specifically exclude retirement packages for my HMF clients, as that money is generally needed to rehouse and resettle your family, but if no specific provision was made for this within your IVA proposal, the you may find that it will be claimed as a windfall.

I suggest that you work out what you will need to retain from the gratuity in terms of resettlement and relocation - perhaps an educational course for a new career as well, and present this to your IP to see if they are prepared to put a variation forward to your creditors based upon an early settlement.

Thanks Mel im in for 30 years, So when I took out the IVA the plan was to stay in, So there is nothing in my IVA about pension or gratuity!! Ive just got back from a stint in Afghanistan and I guess it focuses the mind and made me realise there are other things i should be doing with my life rather than be putting it on line for peanuts

You might want to e-mail me off line with regard to this discussion, as I don't want to compromise your security but do have a few suggestions to make depending upon your current status.

Melanie, I have sent you my email on your site enquiry form.

Good luck Steve [:)]

Debbie

I will pick that up tomorrow Steve, and hopefully we can have a chat.

With regards to training for a job on civvy street,remember that your resettlement allowance covers most training courses.
Can you not hold back on taking as much gratuity for a larger pension(or does it only work the other way whereby you can commute your pension for a larger lump sum).

Ex Raf,but only did 16 years so I got a while to wait before I see my 16/47ths of a pension(but it is better that a kick in the bullox with a steel toe capped boot!!!)

Thanks everyone for your comments, and i will look forward to your advice melanie, Im divorced but I got my pension and my ex got the house that was pre IVA, So at the present i live in the barracks so will need to get new accomadation, as well as a new job,