I'm currently in an iva with my husband, we are only 2 months in and he was made redundant 2 weeks ago !! He has recieved his redundancy money and starts new employment in 3 weeks time, will our iva company take all his redundancy money?
The standard clause is that they allow you to keep the equivalent of six months income with which to carry on while looking for work. They take the rest.
Now, when you find new employment, anything left from the 6 months worth also should be handed over to your IP (from what I gather, not all IP's seem to do this - but yours might well do). If the new income from the new job differs from the old figures, a new I&E will need to be done as well.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
Hiya, thank you for your reply, will they allow us to keep 6 months worth of pay even though he will be employed in 3 weeks time ? His new wage will be higher so will need to do an I&E again.
emma221 wrote:Hiya, thank you for your reply, will they allow us to keep 6 months worth of pay even though he will be employed in 3 weeks time ? His new wage will be higher so will need to do an I&E again.
Standard clause says: At the point new employment is obtained the supervisor will review the debtor's IVAcontributions and at that point there will be an expectains that any remaining redundancy funds will be paid into the IVA, and the debtor's performance in this regard will be reported to creditors.
This means any on the 6 months retained money left --- so, in your case, 5 months worth.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
Just make sure the reviewed I&E reflects any additional costs such as increased travel, meals away from home due to increased working hours etc etc ... new job may bring different costs so ensure its all recorded
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There is a solution for everyone .... Just need to stay positive !
Well done to your hubby finding a new job so quick. with the redundancy money it is a bummer that you have to pay it over but you have to change your mindset otherwise it ends up winding you up.
Just think if you were not in the IVA that payment would all be going to pay off your debts anyway and you probably wouldn't see much of it, so anything you get to keep is a bonus.
I have only just entered mine and my first payment is taking half my xmas bonus. I too was feeling like you thinking of ways I might get to keep it and the thought of handing it over is very hard but its clearing my bills am paying back what I owe. My life will be less stressful now I am in the IVA and I will be able to live comfortably and within my means.
it is a bummer but it is also great that your partner has found a new job and your debts are being paid while you didn't have as much stress as before. its a price worth paying. good luck
Thanks hun, it only took him 2 weeks to find somewhere, the added bonus it's more an hour but we understand the company will take so much of the extra pay. What company are you with? We are with creditfix. Our lives are so much better now we are in the IVA only 2 months in but we will get there, time flies by so fast don't it !! We knew that we would have to pay back his redundancy money, we are hoping we get to keep some as he hasn't had any wages since the end of November and won't get any wages until the 2nd week in January. Hope yours go well for you.
I only got accepted on mine yesterday but it has just been nice not getting all the calls and to know I am doing something about it now.
I could do with my bonus as I desperately need new carpets in the house they are over 9 years old and look it. But he ho looks like I will have to wait a bit longer once again.
Congrats and goo luck going forward I hope you get to keep some xxx
Do you not have any surplus money you could put aside to save for them each month ? Just keep thinking we will be better off in time when the IVA's are paid up xx
To be fair in a month or two I should be able to have put about £200 away so will get it after xmas
the lady who done my IVA was very generous with some figures she put in my proposal so I will hopefully living better then I have in a long time, hopefully be able to get a few bits done to the house over the next couple of months.
I wish we could swindle some of the redunency money !!