Unable to pay IVA due to redundancy, what are my options?

Kev-83

Hi

I am due to be made redundant in September and have decided that I am going into full time university study and have been accepted.

Will I have to pay my redundancy to my IVA company? I have a redundancy quote of just over 2 grand

In september I will be 3 years into my IVA. Obviously, when I become a student, I won't be able to make any payments.

Is bankruptcy my only or best option? There is speak of applying to end my IVA early or DMP?

Luckily, I rent a room off my brother so get to live cheap enough anyway.

I have a car thats worth about 300quid, will I lose it under bankruptcy?

Thanks in advance

Nargleblast

You need to read the small print of your IVA agreement and then speak to them. I think they would expect at least some of your redundancy money unless you can present a case for needing to keep it.

bankruptcy - I doubt they would be interested in a £300 car, particularly if you can prove you need it to get to work/university.

triple08

When entering the terms of your iva you ARE locked into it, if you are made redundant it is likely you will be given a break of upto 6 months until you find further work, if you have a lump some then the best thing you can do is try and offer a full and final settlement, if you have two years remaining on your iva and your payment is £200 a month for instance it is likely if you are being made redundant that your creditors may except this as a full settlement. Alternatively go bankrupt, BUT if you are going to uni be warned that being bankrupt will affect future job applications and your bank account will be used under the supervision of your appointed official reciever. Hope this has been helpful for you.