IVA and change of circumstance

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Hi all i have just been told that my work place is closing and i may be at risk of redundancy/reduced income.

As i work for the NHS i am worried that my IVA could fail if i loose weekends and nights, i may get a subsidy for 12 months but after i could loose 2-3 hundred pounds a month, i still have options and these are:

Go cap in hand to a relative, i owed £37000 to my creditors, how much will it take to buy out of my IVA?

Take a redundancy, how much would i have to pay back to my creditors of this?

Any response would be helpful, i am 9 months in to IVA paying £200 a month

Thanks in anticipation.:(

Comments

  • Gimpsdad
    Gimpsdad Posts: 315 Forumite
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    If you are 9 months in, and the payment is £200, then it follows that (unless there is a step payment in the proposal) your estimated total contribution would have been £12,000. You have paid £1,800 so you have £10,200 left. The trick is to offer the creditors as near to the original dividend as they would otherwise have got. There won't be ongoing IP fees if you offer a full and final, so a rough guess would be around the £9k mark.

    You do need to speak to your own IP though for more detailed advice.
  • milliemonster
    milliemonster Posts: 3,708 Forumite
    I've been Money Tipped! Chutzpah Haggler
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    I work for the NHS too, can I ask why your IVA payment was worked out to include unsocial hours enhancements? it's always dangerous to include income that is not guaranteed, my IVA was worked out on my basic pay only as the situation you describe could always happen. Any unsocial I earn I get to keep using the 10% 50/50 rule which I think is fair.
    Aug GC £63.23/£200, Total Savings £0
  • bandicoot421
    bandicoot421 Posts: 54 Forumite
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    Hi Millimonster, i dont think i would have got the iva if i had not of included my enhancements i was close to total bankrupsy which i wanted to avoid.

    Many thanks Gimpsdad, i thought about £8k, now i have to go cap in hand to a relative to see if i can put this together.

    Ps all this because our 'frontline' NHS service has had a cut of 50 percent funding! Condem coalition sucks.
  • milliemonster
    milliemonster Posts: 3,708 Forumite
    I've been Money Tipped! Chutzpah Haggler
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    Hi Millimonster, i dont think i would have got the iva if i had not of included my enhancements i was close to total bankrupsy which i wanted to avoid.

    Many thanks Gimpsdad, i thought about £8k, now i have to go cap in hand to a relative to see if i can put this together.

    Ps all this because our 'frontline' NHS service has had a cut of 50 percent funding! Condem coalition sucks.

    Then you were very badly advised by your IP bandicoot as this is precisely what can happen if you include salary that isn't guaranteed. I appreciate that this would have meant an IVA wouldn't have been viable, but it's obviously turning out to be the case anyway.

    I personally wouldn't have taken on an IVA if I had had to include my unsocial hours payments, I would have just gone on a DMP until my situation improved so that I could have proposed a viable IVA that would be more likely to run it's course. as it is, I am not in the fortunate position of having a relative or friend who would ever offer me money to conclude mine so I sincerely hope this works out for you, good luck
    Aug GC £63.23/£200, Total Savings £0
  • jimmy01
    jimmy01 Posts: 5 Forumite
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    i entered an iva in 2006 payed 23,000 pounds back in that time , in 2011 they excepted a lump sum of 8200 pounds in full and final settlement , then this month i reclaimed my ppi was offered 7.750 pounds by ltsb i was then informed by lloyds they have sent the money to the iva people , how is this possible , full and final settlement sould mean just that , today i got a letter saying they are going to be holding a creditors meeting on the 28th of this month to close the accout and decide what to do with the extra 7.700 pounds , is this legal :(
  • Gimpsdad
    Gimpsdad Posts: 315 Forumite
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    As in the other thread where you raise this point, why did you claim it when it wasn't yours?

    If you are owed 7700 in PPI then it follows that you owed heaps more when you started your IVA than you actually paid back. Be grateful for what you have achieved. Quite frankly, you come across as a whinger and a chancer who feels that he has been mis-treated. I very much doubt that that is the case.
  • bandicoot421
    bandicoot421 Posts: 54 Forumite
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    Hi millimonster advice is to late but i hope to get potected pay for some time perhaps 3 years, as unsocial hrs makes quite a dent in my pay, if this works out i hope i may be close enough to sort somthing out in 3 years, without having to go cap in hand.
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