Redundancy and IVA

WillowB

Hi

This is my first post. I am currently in an IVA that has been running since Aug 06 paying 82p in the pound back to my creditors which I think is pretty high. I have found out in the last few days that my job is to be made redundant next April leaving me only a few payments to go. However reading through my original paperwork I am unclear if I will be liable to pay over a certain amount of my redundancy money if not all of it?!?

At the time of my IVA my equity was estimated and once the normal payments are finished in Aug 11 I have an additional 9 months of payments. The euqity on my flat now is nowhere near as high as it was in 2900 so couold I renegotiate that?

Can they take all or part of my redundancy money and when I am in the process of repaying the equity am I subject to the same rules as I was during the whole of the IVA process i.e any windfalls etc have to be declared?

Thanks

Charco_2

Yes... if your IVA is extended to allow you to pay the balance of your equity then normal rules apply!

It is certainly worth speaking to your IP/Company about the fact that your equity sitauation is different now. If you agreed to the amount of equity, then there is no ghuarantee that they will renegotiate it BUT it can't hurt to try... Why would you pay 9 months extra to address your equity when there is none!?

The other thing is to take note of your end date! April is roughly 9 months after the end of your IVA (unless the extension still stands in which case April is still within your IVA... if you receive redundancy in this time frame your IP would be entitled to claim it for your creditors as a windfall - you'll want to avoid this I'm sure!