redundancy

[iel781]

i recently completed year 2 of my iva and so far so good.extra payments have been made where appropriate with bonuses and wage rises,but there is possibly a cloud on the horizon.i think in around 6/7 months time my job will go and i will be made redundant.i've been in the job for over 4 years.i think but am not sure(if someone can give me the right numbers it would be appreciated)that employment law redundancy is a week for every year.but my question is what happens after redunancy if i'm struggling to find a new job?i would guess 3 missed payments and it's curtains,but does the fact i've made extra payments hold any credence?any advice appreciated.

[Adam Davies]

Hi
It is likely that your IP will work with you and give you a payment break whilst you seek work.I believe that they can grant three months without creditor approval,any longer and they would seek a creditors meeting.
It is in everyones interest for your IVA not to fail so you will find that all concerned will help.
Any missed payments will probably be tagged onto the end of your IVA.
Regards

Andy Davie
IVA.co.uk Spokesperson

About me:
http://www.iva.co.uk/andy_davie_profile.asp

IVA Helpline: 0800 197 4838
http://www.iva.co.uk/iva_helpline.asp

[MelanieGiles]

Statutory redundancy is calculated at a week's pay per year's service up to the age of 41, where it increases to one and a half weeks per years service. This may be increased, if your employment contract provides otherwise.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

To have me propose an IVA for you, please visit:
http://www.melaniegiles.com/ivaEnquiry.asp

See customer feedback at:
http://www.iva.com/iva_companies/IVA_Advice_Bureau.asp

[iel781]

thanks for the replies peeps.much appreciated

[smr]

Hi
I am not sure why Dots is saying the first year is not counted. You have to be employed for two years before you can qualify for Statutory Redundancy Payments (capped at £310 per week), but every year counts towards length of service. For example you have been employed for over four years and are entitled to receive fours weeks statutory redundancy payment, in addition to payment in lieu of notice if you are not required to work it, plus payment for accrued holidays that you have not taken. The redundancy is not taxed up to a certain level but the notice pay and hols are - if your fifth year anniversary occurs before you are made redundant then your length of service will be five years and not four. The multiplier then depends on your age.

How do you know your job will go in 6/7 months ? If your employer is aware of a this they have a legal obligation to inform the workforce of any situation that might result in redundancies as soon as they are aware of it.

Let me know more detials if you want and I will give as much advice as I can.

Sharon

[Skippy]

I understand from the 'Rules governing continuous employment' section that the length of service is worked out starting from the date you started working for the employer to the date you are given notice.

Yesterday is history, tomorrow is a mystery, today is the present - a gift to make the most of.

View my blog at http://skippy13.blogs.iva.co.uk/

[Skippy]

Good luck Gordon, I hope you get this sorted out soon.

Yesterday is history, tomorrow is a mystery, today is the present - a gift to make the most of.

View my blog at http://skippy13.blogs.iva.co.uk/

[Skippy]

Cheers Gordon - I'm looking forward(!) to spending the weekend packing to move. I keep looking around the flat and thinking where do I start?!?

Yesterday is history, tomorrow is a mystery, today is the present - a gift to make the most of.

View my blog at http://skippy13.blogs.iva.co.uk/

[Skippy]

I've got to be ruthless and throw things away - I'm not much good at that though!

Yesterday is history, tomorrow is a mystery, today is the present - a gift to make the most of.

View my blog at http://skippy13.blogs.iva.co.uk/

[smr]

Hi Gordon

Didn't want to sound like I was trying to say your were wrong - everyone posts what their own opinions are on this forum. It sounds like the info you have been given is "bum". I have read some of your other posts and it does seem like your employers are not the best - to say the least.
Hope your situation sorts itself out - if you are not sure what your employers are telling you is right, drop me a line and I will give oyu my humble opinion.
Sharon