2 months into IVA and lost job!! help!!

spedsmrs

Hi,


I have made 2 payments into an IVA and now lost my job. I have had a settlement, around 5 months net pay.


I can realistically pay the next 5 months instalments out of this but I wondered if I should try to do this as a lump sum? Im thinking that £2000 off a £24000 debt would not be accepted but is it worth a try? I could increase it a bit. I have no job to go to so im not sure what happens.


Thanks

Depth_Charge

spedsmrs wrote: »

Hi,


I have made 2 payments into an IVA and now lost my job. I have had a settlement, around 5 months net pay.


I can realistically pay the next 5 months instalments out of this but I wondered if I should try to do this as a lump sum? Im thinking that £2000 off a £24000 debt would not be accepted but is it worth a try? I could increase it a bit. I have no job to go to so im not sure what happens.


Thanks

Hi

Any chance of putting up more information on your overall circumstances?

SOA?

Have you spoke to your IVA company or another agency?

You may have a number of options depending on your overall circumstances.

Best Wishes

adyj73

I have seen some other threads on this and I thought the IVA people will not touch up to 6 months worth of any redundancy (other than IVA payments) as that is what you need to live on - and also if you paid it into an IVA as a lump sum the DWP could sanction any benefits payments if they deemed you to have 'spent' redundancy money too quickly. I would as for a variation to end the IVA or a 12 month suspension until you can find another job - depends i guess what the job market is like where you live

Basically - I think you should talk to your IVA company immediately. It's in the paperwork you must notify them of a loss of job within 14 days (well it is in mine anyway) or you are in breach of your IVA

FiatFan_2

echoing what adyj73 has said, when I was faced with redundancy SC said I'd retain 6 months worth of budget and maintain payments in and anything over that would be realised as a windfall. If I hadn't found a job within 6 months then they'd look at a 3-6month payment break whilst claiming benefits with the hope work would eventually be found after that.

Definitely speak to your IP within 14 days to prevent breach of contract and am sure they'll guide you through, after all it's in their best interest to get their fees lol

Hope you find something soon

sourcrates

spedsmrs wrote: »

Hi,


I have made 2 payments into an IVA and now lost my job. I have had a settlement, around 5 months net pay.


I can realistically pay the next 5 months instalments out of this but I wondered if I should try to do this as a lump sum? Im thinking that £2000 off a £24000 debt would not be accepted but is it worth a try? I could increase it a bit. I have no job to go to so im not sure what happens.


Thanks

Echo the above, speak to your IP`s office as soon as possible, they have the authority to lower your payments or suspend them altogether for a fixed period, after which you will hopefully find another job, there are always options for you here, its not in your IP`s interest for the IVA to fail, as suggested before, there fees are hugh for an IVA, in mine, the IVA company got back more than the creditors did !!!! unbelievable but true.