losing my job

[waggers]

I am unfortunately going to loose my job on 1st Oct 09,but i am being given compensation to help me through the next few months while i find a job.Obviously i would like to offer an F&F but how much of my compensation will the IVA take and will they want all of it? (Even though if they did this i would no longer be able to afford the monthly payments of £664.00 and i would at that point have to declare myself bankrupt.)I currently have 21 months left on my IVA

[mole]

If get enough for a F&F that would be great. Alternatively I understand you can ask for a payment break whilst you seek alternative employment.

[waggers]

I will be getting more than enough for an F&F but my major concern is that they will take the rest of the compensation and still expecting me to continue with my payments,which i won't be able to afford.

[mole]

Not an expert but perhaps you can 'keep' your redundancy pay until you find a new job and pay you monthly IVA payment out of it.

Once you get a job, you can put forward what is left of your redundancy as a F&F.

Someone, will be on to tell me that is not allowed but it seems fair and reasonable to me.

[waggers]

Its a nice idea but don't think this would be allowed!!

[MelanieGiles]

The compensation is probably already a windfall captured under the terms of the IVA in any case - but you will be allowed to keep up to six months worth of replacement salary in case it takes this long to find alternative employment.

You could try an offer based upon the whole amount, but this leaves you exposed in the event that you do not find a new job quickly. The best thing to do would be to discuss this with your IP to see what they advise you to do.