HI
I have been in my present employee for 19years and have been told i will be made redundant , my redundancy will be around £5000 my question is what will i be expected to do with this money ,I have been in an IVA for just over a year would I have to hand it to my IP to go in to my IVA, and what if I get another job with in a month again would it all go in to the IVA.
Hi there and sorry to hear your sad news. I am hearing of so many people being made redundant at the moment, and I really feel for all of you.
The money is first and foremost to replace your lost income whilst you look for a new job. If you are fortunate to find a new job whilst you are still living off the money, then any balance will be payable into your IVA as a windfall.
Hey Thorn, welcome to the forum. Sorry about your job. That's not a lot of money for 19 years service! This money will be for you to live on until you find a job. If you get a job straight away then you will more than likely have to pay some, if not all of money into the IVA. However, it really depends on your new income and expenditure. Don't forget to speak to your IP and keep them informed every step of the way. Good luck. X
