iva redundancy

pixiedust1973

hi i have just been made redundant and an two years into my iva i have never missed a payment and am seeking new employment but they have just informed me that they may take my £9000 redundancy pay out. i understand that i ran up the debts but are they allowed to take all my money off me as i still need to live and pay bills

trudij

im not sure they can take all of it, but its not a situation ive been in to be certain. Can you not point out to them hat you still have rent and the like to cover while you look, and ask them for a payment holiday??

Is it enough to look into a full and final??

im sure someone with WAY more knowledge than me will be along soon, i just didnt want to read and run

c

Charco_2

Dont pay a penny over until you can get yourself settled! Negotiate with them!

Of course they want it all but you should use this money to stick to your IVA budget and all the while try to find alternative gainful employment.

If your buget allows you to spend £800 a month then spend £800... negotiate with your IP as to whether you can have a payment holiday (which they can add to the end of your IVA) OR that you'll simply maintain your repayments as they are from the £9k you have and that you will pay in whatever remains after you have found a new job.

You will have to eventually pay in the bulk of your redundancy however. BUt dont pay it in until you know you're in a position to maintain your IVA... no point paying it all in this month simply to fail a few months later!

What is your agreed monthly budget?
What is your agreed monthly contribution?