www.iva.co.uk

Hello Everyone,

I have been in my IVA for nearly a year and never missed a payment. My annual review is coming up at end of this month and I have completed income and expenditure and sent back. However, I was made redundant in December last month and working an extra month as goodwill with final salary and redundancy pay at end of this month. I advised my IP last month by email but nothing more has been said to me. I need guidance as I have been with my company 7.5 years and need to find a secretarial job as soon as possible as I have never been out of work. I am not sure how this works - it says 100% back on windfalls etc. but does this include redundancy monies whilst I am out of work. I will continue to make payments without a break out of monies whilst searching for a job. Also what would happen if I did temp secretarial whilst looking for full time permanant job. Sorry folks but I am so confused on this.

Would appreciate help.

Regards
j.k

Get back in touch with your IP soonest. As for redundancy money this will only be taken as a windfall if there is any left after you go back to work.
Not sure how it would work temping but it maybe would be best to ask for a payment break to allow you the time to sort out the most important thing,your new job!!!

You will be entitled to a little redundancy money, but presumably not enough to cover perhaps more than a couple of months lost salary. Whilst redundancy monies are captured by the windfall provision of IVA proposals, it must firstly be used to cover your lost income until new work is found.

Good luck in the job search and I hope that you find something soon.

Thank you all for your response, much appreciated.

j.k

Hi Everyone

Just to say my first Annual Review is today but my IP has only asked for my last pay slip and income and expenditure form filled in which I did and sent off two weeks ago (I have never missed a payment). Is it usual to ask for so little? as I had P60, bank statements, pay slips for 2008 etc etc ready to send. Also will they call me with result of review or write.

A pay slip shows the cumulative amount earned over the year so you do not need any more than one. Your IP will know from reading the wage slip if there is money due or if an uplift is appropriate. Bank statements are not necessary either unless they are to verify any particular increases in costs. I would not worry and just send back what was requested.

One more question if I may with regard to my first annual review today - how will I be contacted to know if I will have increase in contribution (not heard anything yet). Does my IP send a letter or call me - sorry but not sure.

I suppose it depends on the firm but if we are increasing contributions we will telephone the client to discuss it first. If there is no change they will receive a copy of the annual report with that information in it.

Yes - we do the same as McCambridge Duffy - as often a client will provide us with differing figures which then need verifying.