There are strong rumours where I work. If made redundant do I still pay in as normal and keep redundancy to live on. Have read things about 6 months but in todays climate is that enough. Surely it would be better that I carried on paying monthly amounts and was able to live.
You are usually allowed to keep six months worth of redundancy to live on until you can find another job.
Alternatively you could possibly offer the sum as a full and final payment to the IVA, dependent upon how much it was.
It's something you need to discuss with your IP
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
Hi
As Jan states you are usually able to keep an amount equal to six months net pay with the balance going into your IVA.
Speak with your IP as soon as you have news
Regards
If the company I have worked for 10years went busto.. I beleive the goverment would pay my redundancy @ 10weeks x £380 as its capped so that would only be like just over 2 months pay.. Would I just carry on paying as norm without handing over any extra due to the payment being less than 6 months net pay???
Hope that makes sense..
Oh and does anybody know what would happen to my 10weeks notice if the company went under??
You would need to speak to your IP if that happened as it could be that your payments could be reduced, or if you were unable to find employment quickly you may be able to take a payment break.
No idea about the notice though.
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
If you were bankrupt and were paying an IPA, in the event of you losing your job you would have to inform the OR and they should alter, or stop your payments depending on the circumstances.
As to what would happen to any redundancy money I don't know.
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
oh well we had our announcement today. Jobs going and in new team plan for 2011 my job is being almalgamated with my managers but this could mean redundancy or promotion as it is a new role and there will be one available. Seems so uncertain.
You think you have everything sorted and then this happens.
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
Peppermint - If your firm's gone bust you still get this redundancy via its insolvency practitioner from what's called the National Insurance Fund. This isn't just for statutory redundancy pay, but also unpaid wages and holiday pay, though here the max £350-a-week rule applies to all.
The Redundancy Payments Office now deal with those payments directly, and IPs are no longer involved.
There is a maximum limit of £380 that the fund will pay, but if there is any balance owed to you after this, this would still rank as a claim against the insolvent employer.
As for PILC - there is a claim for one week per year's service up to a maximum of 12 - which is mitigated for any earnings received during the projected notice period - which extends from the date your employment is terminated.
Atmosphere at work not good.
Thinking about this keeping six months money and paying the rest into the iVA. I am surprised redundancy is counted the ame as a windfall as it is not extra to your money ,it is your money. I kow you have to pay back money and that is why I chose an IVA instead of bankruptcy but after 6 months then I would have no money to pay for naything If I gave it all over to the IVA.This doesn't seem right to me to be honest.
If you have not found a job after 6 months Danny, your creditors can sanction that you retain more money and your IP will undoubtedly put this forward for you.
