www.iva.co.uk

there seems to be a lot of talk at moment of this...guess the recession and all is to blame....
so...if someone was made redundant and immediately got another job...can they still offer redundancy as a full and final or would IVA snap it up as windfall....

Hi MTL.

I think that it is classed as a windfall, but I'm sure Melanie posted about this yesterday or the day before saying that you could try to offer it as a Full and Final.

You can use it initially in lieu of wages whilst you try and find another job.

Maybe there are circumstances that would make it possible MTL, for instance: Does the new job pay enough to maintain the IVA, the age of the person involved?? I dont know but perhaps these things are done on an individual basis taking all circumstances into account. It would be a cruel world if someone nearer to the end of their working life lost a job, got another less paid job, the redundancy was nabbed and they couldnt afford to maintain the IVA.

I am sure Melanie or someone could answer this.

Hi,

Obviously the idea with an IVA is to pay as much as you can back to your Creditors and if this involved paying it back in full so be it. With the redundancy amount it would be captured under the windfall provision and handed over unless you did not find another job.

You will never pay more than you originally owed

Redundancy, without exception is a windfall, once allowance is made for the need to retain money to cover the loss of salary - which is not necessary if new employment is eventually found - so long as that new salary is equivalent to what was earned previously.