IVA and redundancy

thomo79

Hi all
My wife and I are currently 2 years into our 6 year IVA. All payments are up to date, however my wife has just been made redundant.
I have spoken to our IP who was suprisingly very supportive and recommended that we either:

- Cancel the direct debit for 2 months (but no longer) while she looks for another job and then spread the missed payments over the last 4 years
- As above, but additionally offer a token payment so at least we are doing something
- Request new inc & exp form and 'start again', then have a creditor meeting
- Stop paying, default and go bankrupt

Our biggest concern with the current market is that my wife doesn't find a new job or one that pays a lot less and we can't continue to meet the monthly payments. We've already had one creditor amendment agreed about 18 months ago so I don't think they will agree to another one. We have no equity in the house so is the last option the best? Will the creditors force bankruptcy if we have nothing to offer?

Is there anyone out there that has gone through redundancy and can offer some advice?
thank you

Charco_2

Was there any pay out from redundancy?

Certainly worth looking into BR but if you still wish to avoid this then it still possibly with the other options you have outlined above.

I would definitely take the payment holiday for now... i know they've said two months but there's no reason you couldn't take a little longer as long as you are still seen to be proactive about recovering the situation. If your wife finds work that pays less then there would be no harm either in drawing up a new I&E to reflect that... as long as the offer is good the creditors will consider it!