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Dear all,

I’ve been struggling a bit for a while now, but just about coping. However I have recently been told that I’m going to be made redundant in 5 weeks time. I think in the current climate I’m going to struggle a) To get a job & b) to get one to match my current salary. Any suggestions would be very much appreciated.

Hi Slu and welcome.

I am presuming that you are already in an IVA? You are going to have to inform your IP of your redundancy. If you are due any redundancy money, you can use this initially in lieu of wages as you seek further employment and then the remainder would have to be paid across to your IVA.

If you are not going to receive any payment, then ask your IP for a payment break for a few months whilst you try to find another job. Most of them are amenable to this as they know that more and more people are losing their jobs.

Once you have another job, then you will need to do another I&E form to sort out possible new payments.

Hi,

Thanks for the reply. No I've not got an IVA as yet, but almost certainly will need one. The question is do I start the ball rolling now or once I know what my potential job position will be. I am only due 1 months pay tax free as I've only been here for 1.5 years.

Thanks

Hi Slu and welcome, you may be better off waiting until you have sorted out your job situation. You may find that you can't enter into an IVA if you are unemployed.

A professional will pick up on this soon and hopefully answer your questions.

Apologies, I was under the impression you were already in one.

Beans on toast is correct - you are unlikely to get one whilst unemployed. How would you fund any payments?

Have you thought about bankruptcy? Do you have any assets which could be lost in BR?

You need to seek professional advice which all depends on what your employment situation will be. Visit www.iva.com and see reviews on practitioners who will be able to give you appropriate advice. Good luck.