I am currently 2 years into my IVA.

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Bear171

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Post by Bear171 » Thu Mar 05, 2009 2:31 pm
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I am currently 2 years into my IVA. Everything has been going as well as could be expected but I am now in danger of redundancy.
Will my IP take all of my redundancy money? (I will get less than £1000)
How will I be expected to pay my regular payments until I find a job?
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plasticdaft

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Post by plasticdaft » Thu Mar 05, 2009 2:37 pm
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Talk the your IP,you may be allowed a payment break to allow time to find another job. You redundancy money 1st and foremost is to allow some income while looking for other work,but if you have any left over by the time you find a new job it may be taken into the iva under the windfall clause.
Discharged today the 8th feb 2012. View is much brighter now.
Continuing to rebuild our credit worthiness.
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David Mond

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Post by David Mond » Thu Mar 05, 2009 2:37 pm
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With that level of redundancy I am sure your IP will let you keep it to defray your outgoings until you get another job.
It maybe advisable to inform your IP that redundancy is a possibility.
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.
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