Redundancy!

[Nyu]

Hi everyone, it's been a while since I last wrote, I hope everyone is doing ok

There have been rumours going about the office of redundancy, and I was just wondering where I would stand with my IVA, I have just finished my first year (still waiting to get my review back though)

I'm not in a high paid job, and I'm guessing any payment I get will get if I do go will only be about £2000-3000 so not enough to do an early settlement (IVA was for about £15K) Will this be classed as a windfall, and will I fail it if I can't find abother job. I looked at the paperwork I have. but couldn't see what is classed as a windfall!

Thanks a bunch guys, nyu xxx

[Shining]

I am on the understanding that the money would be classed as a windfall, I think the amount can be used for living expenses until further employment is found and then the remainder handed to IP as a windfall when a new post is taken. I would think a payment break would be necessary too.

This is my understanding of the ruling but please do stay around for a professional opinion.

[Nyu]

Thanks for that info I'm just waiting to see what is actually happening, I hate waiting lol x

[kallis3]

Lesley is right - you can use the money to fund your normal bills until such time as you get another job, then any remainder should be handed over.

You may need to ask for a payment break, which an sympathetic IP will probably agree to.

I hope you don't get bad news.