very, very worried

[H72]

Hi, I have an IVA for a term of 5 years, have paid for 2 years now. I have been made redundant, and sent a letter to my supervisor, explaining the situation, i will get about £3,000 in redundancy money, the question i asked my supervisor was are the creditors able to take all the redudancy money, even if i haven't got another job, and i will need this money to pay rent etc and carry on paying my iva on a monthly basis. The supervisor said that the creditors can take this money, is this right, because if they do take the money i will have nothing to live on!!!! Yours very, very worried

[flumpy dog]

hey h72
you will need some of that money to keep you going. your creditors cannot take it all-cannot understand why your ip doesnt see this
Please dont panic hun
size 5 and kal two of our best experts were around they will hopefully advise further take care ok and this can be sorted
[:)]

[H72]

Thanks, but i can't help worrying, i need this to live on if i don't get a job. My partner is understanding, but he is reaching breaking point with all of this. It's bad enough being in debt, then sorting it out and doing the right thing, then being made redudant and my supervisor who should be helping, is being of very little use!!!! Thank you for your support.

[flumpy dog]

are you actually getting to speak with your ip or call centre staff
the guys are around and i know they will post soon hang in there x

[H72]

I have spoken to them but they couldn't really answer my questions so I wrote them a letter asking questions about redudnacy, and they quoted info from my IVA agreement, i'm going to phone Citizens Advice as soon as i get home from work and get a meeting, to see if they can understand the legal jargon (!!!) of my agreement.

[size5]

I have found your original post on this and have copy and pasted Melanie's reply...

"Your redundancy money is there to supplement the shortfall in income you will suffer as a result of the redunancy - so it is doubtful if you would have to pay any over if you are only getting two months worth - but if you get a job in that period any balance will need to be handed over to your IP as a windfall."

On the bare bones of what you have said here you need to speak to your supervisor again. At the very least it looks like you may need a payment holiday. You may also want to make your IP directly aware of your situation. By the way, your creditors are not in a position to physically snatch this money off you as presumably they have no access to your bank account.

Regards.

[H72]

Dear size5, thank you so much for your response. Why can't my supervisor answer this question so straight forward, i thought it would be relatively straight forward, they have asked for a copy of my redudancy payout, should i include a cover letter stating once again my situation. By the way the company i am dealing with is Dains Limited. Once again thanks very much.

[flumpy dog]

h72
im pleased size 5 came along he knows a lot more than me !
i would contact your ip again they need to understand whats happened.
i cant tell you not to worry-silly
just to let you know if we can give you anymore support or help we're here

[size5]

I would H72, and I am sure Jan will come along shortly with her link to e mail your IP directly as well, he or she may not even be aware of your situation.

Regards.

[Skippy]

I hope Jan doesn't mind me jumping in, but here's the link -

http://www.insolvency-service.co.uk/newipsearch.htm

[steve01]

H72 if it doesn't rain it poors... Hope you get sorted soon with new employment etc.

[kallis3]

That's ok Skip - I've been out all morning, so just catching up now!

[H72]

Hi everyone, thanks for your responses, but i just need to know if i will have to hand over my redudancy money without having a another job. I have just burst into tears at work, i'm really not coping, no-one at work knows about my IVA, so i had to blame it on the redundancy, as it's my last day at work tomorrow. I've phone my supervisor again today and have now emailed over my redudancy package, but they have said that they probably can't give me an answer til next week!!!

[size5]

Your living costs must take precedence over your IVA payment. I think that there must be a crossed wire somewhere between you and your provider. It is true that if you had your redundancy money tomorrow and had another job to go to straight away that it would be trapped under the windfall clause, and perhaps whoever you have been speaking to has got hold of the wrong end of the stick, but if you don't have a new position I cannot envisage that you would have to pay it across.

Regards.

[kallis3]

Normally you are allowed to keep the redundancy to fund your day to day living until you find further employment.

Once you do, if there is any left, then that gets paid across. I can't see them wanting to take it all off you.