Get expert opinion. This is the place for new questions to be posted.
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Max33
- Posts: 4
- Joined: Wed Jun 29, 2011 11:04 am
- Location: United Kingdom
I have an IVA and am only 16 months away from completing it however, I am being made redundant. I am confident I will find work though paying less but my question is about the statatory redundancy pay. Will I need to give half of this towards the IVA as I have done previously with bonuses?
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Orange78
- Posts: 40
- Joined: Tue Sep 18, 2007 7:44 pm
- Location: United Kingdom
If you walked straight into another job of equal pay, you are likely to have to put all of it into the pot. It is classed as a windfall.
In other posts, I've read that you can keep up to six months salary whilst looking for a job. Longer than this could mean a payment break.
You will need to keep your IP informed as if, as you predict, your new salary is lower you would need to do another I&E or variation. This should match your contribution to your new disposable income.
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Broke of London
- Posts: 7761
- Joined: Sun Sep 05, 2010 6:04 pm
- Location: United Kingdom
You may be able to keep up to six months salary while you find another job - have a chat to your IP for case specific advice. x
