IVA and Redunancy

Grumpelstiltskin

wadalabbassiya said:

Grumpelstiltskin said:

Honestly your biggest mistake was entering the IVA without fully researching what was available to you.

IVAs are normally only advised for home owners with very large debts when they can't go bankrupt.

Normally if you are renting a DMP is the answer, informal, no insolvency, but you are where you are.

IF IVA fails will creditor backdate interests and charges since IVA was approved when I come deal with individually?

I honestly don't know the answer  to that, wait until RAS or Sourcrates come on they may know the answer.

fatbelly

It's possible.

It's also possible that you no longer have the creditors you thought you had because the debts may have been sold to specialist buyers.

Very few IVAs end with bankruptcy and I can't see any reason why it would happen in your case, should you decide to just stop engaging. It's not like you have any assets except a bit of redundancy money.

wadalabbassiya

Today ,my redundancy has been confirmed and the amount of redundancy is as I expected  £30.000. and I have 2 years left to pay I'm still asking if I can settle down the IVA  bearing in mind that I have no any assets.

sourcrates

So what is your plan now?

Be very careful here, if they get wind of redundancy money they will want their share of it.

You should not mention the 30k for now, or redundancy, have you asked them to accept payments to date in full and final settlement, as you have become unemployed, not made redundant!!!
Use your head here. 

wadalabbassiya

sourcrates said:

So what is your plan now?

Be very careful here, if they get wind of redundancy money they will want their share of it.

You should not mention the 30k for now, or redundancy, have you asked them to accept payments to date in full and final settlement, as you have become unemployed, not made redundant!!!
Use your head here. 

I haven’t neither told  the IVA anything about the recent developments in my job nor offering a final payment for my debt.

wadalabbassiya

HI, I'm back ,When I was made redundant, I applied for a job and I was accepted and started working straight away after the redundancy. My IVA  annual review was passed   in August. I did not tell the IVA practitioner about the new job or the redundancy money  .Next year ,which be my last year in the IVA, they may find that my pay slip has a new company name ,and they also ask for the P60 which will show that my annual income is  less because I started in July .I don't what to do .I'm confused.