Hi, I have been dismissed from my job and paid 12 weeks notice of lieu, will my IVA need a proportion of this money as if it were overtime or bonus payments? Obviously the 12 weeks will be required to find alternative employment? any thoughts from anybody?
Assuming you have the usual clauses in your proposal (have a read and check) the usual stance with redundancy compensation is that you are allowed to retain the equivalent of 6 months salary. So, in this case, all of it, with which to live and maintain IVA payments whilst seeking new employment. In theory, if you find work before the 6 months ( or 12 weeks here) any unused compensation should be paid into the IVA.
Once the period covered by the retained compensation runs out, if you still haven't found a new job, you will need to discuss the possibility of a payment break with your IP.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
