Severance Pay & IVA

baxterbaxter

Hello,

Just looking for some advice before I contact my IVA company.

I have 21 months left on my IVA and I've just showed interest in Voluntary Redundancy as I work in aviation and it's a case of take this opportunity or there's a risk of being pushed. Plus I have had an interview and been given a place at a local college to get into Nursing. This would be one year of college followed by 3 years of University before I potentially have earnings. This VS has come at good time really and I feel like this is my chance to get out.

However, I'm worried about the VS and the IVA. I realise I will probably need to give up a large chunk of my VS and just keep 6 months salary until I find another job. However - I don't think I will be able to study on a full time course, do the school runs for my daughter and work part time. So I won't have an income. My husband will be the sole earner and I'm unsure if we would get much help financially.

Will they take my VS payment and end my IVA?

Basically, I want this all to be over. Could my VS be the end of my IVA early?

Thanks in advance

mwarby

It could yes, but not certain by any means

Basically it sounds like you need to talk to your IVA company about your life change. I'd guess they will call a meeting of creditors proposing to complete the IVA either with payments to date, or payments to date with some of the VS money.

You need to remember however that the creditors need not accept that proposal, waht your hoping is that the creditors will see the chnaces of you being able to contriute to IVA are now low, and that this was due to no fault of your own.

If they don't accept the proposal your IVA could fail, which would leave you in a very similar state as to when IVA started. Some of debts will have been paid off, but the IVA fees will have been deducted first

RAS

It looks like you are planning to do an Access course, followed by a degree? Have you checked with your local University how many students they take each year for your chosen route and how many applicants they get? 
Nationally, just over half of nursing applicants in 2019 actually started a course but in some routes it will be a lot less.