My wife is not included in my IVA. What happens when she is made redundant ?

[bobble]

i am 2 years into my iva and have a question concerning my wife,she is not included in my iva but her income is added to mine,she has been told she will be made redundant in march 2013,what are my options if she cannot find suitable employment and we have to rely on my income alone which would not be enough to carry on in my iva and also would she get to keep her redundancy pay'

[MelanieGiles]

Your IVA will not affect her redundancy settlement, but it will affect your ability to fund your ongoing payments. How much will she receive and what is her monthly take home pay?

[bobble]

hi melanie,my wifes redundancy payment will be approx £6150-00 and her take home pay is £1061-00 per month so you are correct in saying i would not be able to fund my iva unless of course she gets fixed up with a new job fairly quickly.

[kazzafunk]

Another thing you could consider is making an offer of the redundancy as a full and final to end the IVA early (if your wife is agreeable to that!!).

[MelanieGiles]

I hope that she does manage to find a job soone bobble, but if you feel you are going to struggle make sure you alert your IP to this as soon as possible. Best of luck to her in her search for suitable employment.