my wife and i are 2 and a half years into and iva, we just been told that were both being made redundant,i have worked 16 years in my job and my wife 22 years in hers. we are both on the minium wage and our redundancy payment will be about six months salary will we be expected to pay that money in or will be allowed to retain it while we seek other work .
my other piece of advice copperfield is mr micawcer said, annual income £20 annual expenditure £19/19s/6d result happiness, annual income £20 annual expenditure £20/6d result misery.
charles dickens
So sorry to hear you sad news. You will need to check the terms of your own IVA, and take advice from your own IP on this as they have specific and detailed knowledge of your case. If there is no provision for redundancy in your IVA documents, you may need to ask for a creditors meeting to be called to determine how the redundancy monies should be treated and perhaps to arrange for an extended payment break.
