husband being made redundant what happens now???

mia1830

Hi,

PLEASE if anyone can advice me I would be most grateful. A few days my main worry was paying for our summer holiday with an insurance problem. How things have changed overnight! My husbands just phoned me from work to say hes being made redundant in 30days oh my heads such a mess now, holiday is the least of our worries its now how are we going to pay our bills and most important how do we pay our IVA? If my husbands anything to do with it he wont be out of work for long, neither of us has ever been unemployed from the day and hour we left school many moons ago.

So will they or can they freeze the IVA till he gets some work or are we looking on even harder times and looking at bankrupt and loosing our home? I dont know where to start with things, tried to make a list of things we can stop paying but i only work p/t and bring in around £440pm our bills are £858 thats including an IVA payment of £160. these are things that have to be paid and thats not including food, fuel etc. Dont even think we will get much in benefits. Please if someone can help me get my head round some of this i will be most grateful.

FoggyBrain_2

Hi. First thing to do is speak to your IP. It might well be possible for you to take up to six months break ( added back on at the end) in these circumstances.

mia1830

Thanks FoggyBrain going to get onto them in the morning but just want some answers between now and then as I dont know if I'm coming or going to be honest. Just wanted to put my mind at rest knowing its possible to freeze it, then its trying to get a job in the time frame its frozen.

nuttyp

Defiinatley speak to your IP. My OH lost his john 2 months after BR and had a repayment order for 12 months. After loosing his job and taking the first he found, at a lower wage he was re evaleated and they decided to stop any repayments. I know IVA is different, but the key is to always communicate and keep the IP informed as soon as any changes happen.

Best wishes x

mum2one

I can't help with the IVA side, but just off the top of my head your hubby would be entitled to contribution based job seekers allowance for 6 months, at mo £65 pw, rising to £71 pw in April, - I know he'll be job hunting, but just thought if you have the figure it can give you an idea re budgets,

I'm sorry about hubbys redundancy, but hope everything gets sorted.

As the others have said contact the IVA and explain, I don't know if you would be entitled to any working tax credits based on your income, - may be worth looking at website - www.entitledto.co.uk (or .com) I always get them muddled up, thinking maybe council tax reduction. xx

mia1830

thanks folks, will phone them asap tomorrow. Just the norm is when you work you dont get much help benefit wise but sit on your bum all day and work the system and you get rewarded. anyway if anybody thinks of anything else that you might be entitled to through redundancy like reduced mortgage payments of anything else i should be looking at i would be most grateful. Thanks again

mum2one

The only other place I can think of to look at is the direct gov website, - their is a mortgage relief, but think that is after a set period of time, pays the interest only, but with your income i don't know whether you would be entitled to any help.

have you managed to check re your IVA yet?

Really hope everything gets sorted out ok, x

debtinfo

obvious question, but presume that he will ot get any meaningful rdundancy pay?

also how far are you through the IVA

angel_rainbow

Give your IP a ring - they might be able to arrange a payment break or there may be a way of ending early if you are getting a redundancy package and can offer a full and final perhaps?

mia1830

hi all, haven't been on in a while just went on a melt down lol. i phone our iva company but the girl i spoke to was not very sympathetic towards me it was all about how they can't do anything until he is unemployed which is understandable but I was trying to get information etc and give them a heads up. so i won't be calling back till he has his end date. my father lent us some money so traded our car in as it still had finance on it and did't want to worry about payments so downgraded a bit and had to put a little cash towards it and its all clear now, the only thing is when our car payment were to end feb 2013 we have to put those payments then into iva so if my hubby gets any work im sure the company will want those early even though we are paying my father back every month instead as we didnt want to get behind on car payments and end up in more trouble but iva company probably wont see it like that! Mortgage company was great cut our mortgage down by about £30pm and then will look at other options when hubby is unemployed. we are only in our iva about 15mths so still a good bit to go. hubby was ony in job 3yrs so only gets 3wks pay redundancy so no where near enough for a f&f. have been applying for loads of jobs so hopefully might be lucky enough. will keep you updated as we go along. thanks folks