Husband in IVA and Redudancy Money

sillysausage1977

Quick question.

My husband only is in an IVA with Payplan.

Im hoping to take voluntary redundancy. Will they (Payplan) be able to touch my money?

Many thanks.

sim11

No they cannot. Only if you was also in an IVA. The money is all yours. You could use some of the money to do a full and final to end your husbands IVA.

sillysausage1977

Thanks for your reply sim11.

Thats a nice idea but I don't think it would be enough!

Thanks again.

debtinfo

One though comes to mind, do you have alternative work yet, the reason i ask is that obviously the amount your OH pays is dependent on him paying a certain amount of the household expenses, if you have no work then he will obviously have to pay more which could make it difficult to may his IVA

sim11

sillysausage1977 wrote: »

Thanks for your reply sim11.

Thats a nice idea but I don't think it would be enough!

Thanks again.

I will say this, never dismiss what could be accepted. You will no longer be in work so the household disposable income will be lower. Hence payments would need to reduce. So a pretty good reason for trying for a full and final. You don't ask, you don't get.

sillysausage1977

Thanks for your replys. I still have work, this redundancy was only for one of my part time contracts within the same company. I will still be working 17 hours a week.

The other thing to point out is that we will be having twins in the new year. As soon as I find out if Im going to be accepted for VR I will be letting Payplan know about both situations.

sillysausage1977

Just say I was to give my husband my redundancy to pay off the IVA, this is the situation. Does anyone know if this might be accepted as a full and final payment.

My husband is the only 1 in the IVA owing about £26,000

We have been paying the IVA for 1 year, 8 months.

My husband recently had to give the IVA £7000 in inheritance money.

I might, if my VR gets accepted receive £8000.

I will then be dropping to part time hours (17 per week) which will mean a lot less income plus in the new year we will be having twins.

If anyone knows I would be grateful.

Thanks.

sim11

sillysausage1977 wrote: »

Just say I was to give my husband my redundancy to pay off the IVA, this is the situation. Does anyone know if this might be accepted as a full and final payment.

My husband is the only 1 in the IVA owing about £26,000

We have been paying the IVA for 1 year, 8 months.

My husband recently had to give the IVA £7000 in inheritance money.

I might, if my VR gets accepted receive £8000.

I will then be dropping to part time hours (17 per week) which will mean a lot less income plus in the new year we will be having twins.

If anyone knows I would be grateful.

Thanks.

Hello again, i am no expert, but i can tell you what i would do if i was in your position. Firstly you will have to wait until you know that the redundancy payment will come through.
I would keep hold of 2000 for all you are going to need with twins (congratulations by the way). Then i would put an offer of the 6000 as a full and final payment. Given your circumstances, lower disposable income, quickly growing family etc. Also the fact that your husband has already handed over an extra 7000 into the pot. I think you will have an excellent chance of it being accepted.
Don't be fobbed off if your IP says that they do not think it will be accepted. They have a duty to put forward any reasonable offer, and your is a reasonable offer.
I wish you all the luck in the world, and hope you can end the IVA.

sillysausage1977

Thanks for that Sim11, it certainly gives me something to think about... decisions, decisions!!

sillysausage1977

Me again, I have discussed the potential of maybe paying off the IVA with my husband. I'm a bit worried now as he is talking about approaching the creditors himself to sort it out. Is this allowed whilst in an IVA??

Obviously this is just talk as I haven't even got any money yet and he is also saying he is going to look into how to do a Full & Final settlement.

MrsGregs

I have an IVA and my understanding is that your husband cannot approach the creditors directly whilst in an active IVA, they same as they cannot contact him directly.

Personally in your situation, with the (potential) redundancy money and impending birth of twins I'd leave the IVA as it is, if its still realistic to pay the regular monthly payments, and keep any redundancy money to make life a bit easier for yourselves and the twins in those first few months.

I'm in a similar situation as my job is being relocated and I will be receiving a settlement payout, plus I am pregnant with my baby due in January, so I'm trying to decide on the best course of action for my family, given that I will not be working at all after the end of November.

Good luck, and I hope this helped.