You need to speak to your IP as soon as possible to inform them of your situation. You may be able to get a payment break whilst you seek other employment.
Will you be entitled to any redundancy? If so, you are allowed to use this in lieu of wages whilst you look for other work.
Otherwise, if you fail to make monthly payments for three months, then your IVA will fail and you will be back to square one.
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
I assume that you will be claiming any monies owed by your former employer via the Government's National Insurance Fund - which can take some time to be paid. In the meantime, as Kallis has suggested, speak to your IP to seek a short-term payment break whilst you look for alternative employment.
Sorry to hear that the company you work for has gone bust. Important as Kallis3 has stated to speak to your IP and hopefully arrange a payment break until you get another job. Good luck.
Regards, David Mond, Insolvency Practitioner for over 46 years. Personal Insolvency Practitioner of the year 2012, Personal Insolvency Practitioner of the year finalist 2013 & 2014 awarded by Insolvency & Rescue Magazine and 2015 finalist for Personal Insolvency Firm of the Year.
I hope you find another job soon David. Let us know how you get on.
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
