4 months into an iva and made redundant

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ks8

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Post by ks8 » Thu Mar 13, 2008 5:57 pm
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Im am only 4 months into an iva and have just been made redundant. I am due a pay off as I have been employed for 8 yrs. what amount of this money would I be expected to hand over, bearing in mind that I am yet to find alternative employment .
Last edited by ks8 on Thu Mar 13, 2008 5:57 pm, edited 1 time in total.
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MelanieGiles

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Post by MelanieGiles » Thu Mar 13, 2008 6:01 pm
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Hi ks8 and welcome to the forum

So sorry to hear that you are losing your job. Redundacy money is paid to you as compensation for loss of office, and therefore is not deemed to be a windfall as you need it to replace your income until you find another job.

If you do manage to find another job in the meantime, and do not need to rely on all of the money, then the balance is deemed to be a windfall, so long as your new salary is equal to the old one.
Regards, Melanie Giles, Insolvency Practitioner
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