Redundancy money

[james1]

I have been informed that I am to be made redundant at the end of March. How will this affect my IVA, with the fact that the IP is not sure if they will want to increase the time that is left, about 4 months at present?[:0]

[Cybus]

I have only just read this post, After responding to your query regarding extension to the terms of your arrangement.

Looking at the timeline ... this post was made afterthe one relating to extension of the terms of the arrangement.

Is your redundancy going to be compulsory or voluntary?

The answer really cannot be given until you know for certain the amount you will receive. If you have been with your employer for a significant amount of time, you would probably be entitled to a larger redundancy payment than if you have been there only a short period. It may well be, in such an instance that you can offer a portion of that redundany payment to the extent your obligations are fulfilled under the terms of the arrangement.

If you are entitled to no redundancy, it would be harsh to fail the arrangement at this time and I would be inclined to suggest your Supervisor that he suggests to your creditors that you have substantially complied with the terms of the arrangement. Ask creditors if, under the circumstances, there is any objection to what you have paid to date being sufficient to complete the arrangement.



Tell it like it is.

[james1]

The redundancy will be compulsary, and in fact comes into force on 30th March. According to me, my last payment for my IVA is 2nd April!

So it is interesting to know what I should say or do? I have not been wit the firm long, so will not get much in money.

I am not a number I am a free man