Redundancy

[freelili]

sorry about your situation scooby.

My thoughts are with you and I am sending postive thoughts your way.

Good luck

LILY

[laleanne1]

Thats not a bad idea, becoming a debt advisor, the first person i spoke to @ debt matters who came to my house to explain everything to me also told me how he had once had to file for bankruptcy so comppletely understood how scared i was felling.

Why not take something that at first seems negative and turn it into something posative and help others who will go through what you have. Make entering an IVA change your life for good.....



l morris

[Oliver]

I totally agree Laleanne. That's what makes this forum so great understanding people who have already been through the process.



Best Regards
Oliver

Thomas Charles and Co Ltd.
Experts in personal debt solutions.
Read customer feedback at: www.thomascharles.com/about_us.asp

[scooby]

Hi can you tell me is a redundancy payout classed as a windfall would 50% have to go to the creditors?

Scooby

[MelanieGiles]

Not necessarily Scooby.

As a redundancy payout is compensation for loss of office, then the money must firstly be used in lieu of your lost salary. Therefore you should be able to continue to make your IVA payments until that money runs out. In the event that you find replacement employment in the meantime, and start earning again, then you will have to hand the balance of the monies over as a windfall - it is not captured by the 50/50 ruling.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.
View my IVA blog at: http://melaniegiles.blogs.iva.co.uk

[kitkat44444]

Hi Scooby, Sorry to hear about your current difficulties. My husband was made redundant just before Christmas and we have only been in our joint IVA for three months. I, like you, panicked that the redundancy money would be swallowed up by the IVA but I phoned my IP and he was so understanding and explained (as Melanie has) that it is there to substitute your salary while you look for another job. If any is left at end it may then be put to IVA fund but only then and it is dependent on how much is left at that time.

Good luck for the future - I am sure things will work out for you.

kitkat44444[:)]

Kitkat44444

[scooby]

Hi my wife works at the same place as me and the company is closing so we will both be out of work my biggest concern is that we now pay 25p in the pound to our joint IVA iff we get jobs on less money what will happen because I dont think creditors will acccept any less.

Scooby

[scooby]

I currently earn 24000 if I take a job for 18000 plus overtime to make it up to 24000 would I need to pay 50% of this overtime as this is the ammount I used to earn prior to redundancy or just 50% of overtime in excess of 24000?


Scooby

[Oliver]

You need to discuss this with your IP as soon as possible Scooby as your creditors may not accept a smaller monthly payment.



Best Regards
Oliver

Thomas Charles and Co Ltd.
Experts in personal debt solutions.
Read customer feedback at: www.thomascharles.com/about_us.asp

[MelanieGiles]

The answer to that is "NO". Your IP cannot take overtime monies from you if they are being earned to supplement the shortfall in your earnings. So you will only pay over 50% of earnings above the base level used within your IVA proposal.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.
View my IVA blog at: http://melaniegiles.blogs.iva.co.uk

[scooby]

Thanks Melanie that is very useful to know

My wife and I did a joint IVA I earn 24000 she earns 8000 we are both being made redundant if I get a job earning 20000 and she gets one earning 12000 is that also acceptable as the IVA was approved with total earnings of 32000 or will we have to pay more as my wifes earnigs have increased
Will we be judged on total earnings as a couple or as individuals?

Obviously our income will remain the same so our disposable income remains the same but as IVA`s are about the individual will it change?

Scooby

[MelanieGiles]

In theory you will be judged as individuals, but common sense prevails. When I have this situation, where one parties income increases, I would always take the decrease in the other parties earnings and set the one off against the other.

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

For further details contact me at http://melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk