As a civil servant I am likely to be offered voluntary redundancy. I'm currently 10 months into an IVA. My estimated payout would be about 90% of the original unsecured debt. In an IVA, would I have the option of taking voluntary redundancy, would I have to settle the original debt, or would the projected IVA payments provide the settlement amount?
Hi
Usually it is the original debts that you settle from a windfall, however as it is voluntary redundancy you could speak with your IP and see if they could obtain agreement for you to return the projected dividend
Regards
If you take voluntary redundancy, then the money you receive will form a windfall and need to be paid into the IVA for the benefit of creditors - subject to a six months allowance to cover your living costs until you found alternative employment.
