My iva started in October of 2010 & it has brought me great peace of mind. However last Monday I was told at work that I am likely going to be made redundant. I have been there over 10 years (a department at the University) & some of my IT tasks are going to be automated. They are going to try to find me another post in-house & will assist me in looking elsewhere. They have already helped me update my cv. I am 54 years old so not terribly optimistic about getting a new post in the 'real' world. What will this mean for my iva? Also how will the serverance packet I get fit into it all?
many thanks for any advice
How awful for you! I do hope they can find you another job, got everything crossed for you.
You will need to speak to your IP about this - you will usually be allowed to keep up to 6 months worth of redundancy pay while you look for another job, if you get one then anything remaining has to go across to your IVA. If you are still unemployed at the end of this time you can ask for a payment break.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
Hi Teapot and welcome to the forum! I don't have anything to add to what Jan said by way of info. It does sound hopeful that they will find you another job so I have my fingers crossed xx
How awful for you! I do hope they can find you another job, got everything crossed for you.
You will need to speak to your IP about this - you will usually be allowed to keep up to 6 months worth of redundancy pay while you look for another job, if you get one then anything remaining has to go across to your IVA. If you are still unemployed at the end of this time you can ask for a payment break.
I would ask for a payment break straight away.
My view is if I had just started an IVA I would prefer that to fail rather then risk putting my redundancy pay into an IVA, that could potentially fail anyway if I didnt get a job after 6+ months.
You are unlikely to get a payment break immediately if you have redundancy pay.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
Hi teapot i just want to wish you the best of luck and hope you get a new position within the university.i would contact your IP this week to inform them of your situation to see what your options are,i,m sure you will get a lot of support from Him/Her to help you through this difficult time.
