Hi, Ive been in my IVA now 2 years and about to be made Redundant. I will only receive 2 month's money as Redundancy pay and have worked out that I can pay my IVA standing order for a further 10 months whilst I look for another job. Will the Creditors accept this? Im frightened that they may take this Redundancy pay as a "Windfall" and I will then end up Bankrupt which I do not want at all. Thanks!
You will be allowed to keep 6 months worth of money while you look for a new job,if you get work sooner any leftover redundancy pay will get taken by the iva.How quickly do you think you can find new employment?
Paul
Discharged today the 8th feb 2012. View is much brighter now.
Continuing to rebuild our credit worthiness.
Agree with Paul - you can keep up to six months worth of your money while you look for another job. Speak to your IP as soon as possible about this.
Is ther any reason why you don't want to go bankrupt?
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
You should be allowed to keep the two months redundancy money. If you are lucky enough to find work within the two months what is left will be payable into the IVA. You could ask your IP for a paymwent break ( which will be added onto the end of the IVA) while you seek work, if it;s going to take longer than two months, rather than plundering emergency savings right away.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
