Hi I wonder if anyone can advise please? There is a strong chance that I could be made redundant within the next few months although nothing has been agreed. I entered into an IVA 2 years ago. 53k was the IVA total. For the 1st year I paid £180 per month and the 2nd year £235 per month. If I get made redundant then I will probably get about 22k. I am currently in full time employment which is very flexible so I am able to work around school time with my 2 kids (8yrs & 3yrs), so finding another full time job will be difficult. Can you confirm what will happen? Will the IVA take all of my redundancy, although I have read somewhere that they can leave you with up to 6 months money to find another job. Could the practioner ask that some of the money is used for a full and final settlement? I am worried that I am not going to be able to find another job with the salary I am on and that I won't be able to afford the monthly payments. My partners job would not be affected by this. Any advice would be gratefully received?
Whilst the redundancy money is caught under the windfall provisions of your IVA, if you can demonstrate the difficulty you will find in finding a replacement job, you may be able to retain some of it to tide you over in the meantime and use the rest to offer an early settlement.
Chat this through with your own IP who is ideally placed to be able to assist as they have detailed knowledge of your case.
