www.iva.co.uk

54 months into my IVA I have just been informed my employer that I am to be made redundant with effect next week. Can anyone advise me on what options are open to me. Obviously this was unexpected - I have no other means of income or support and am not sure what/who to turn to for advice and guidance.

Thanks

Sorry to hear you are being made redundant.

Do you have any redundancy payement coming? what are your chances of finding work?

Think a good starting point maybe to discuss it with you IP.

Only redundancy payment is statutory so not even sure what that is until Monday - finding work will take time due to current climate.

Rgds

Stat redundancy applies as follows:

- service must be over two years to be eliable
- 1 weeks pay for each complete year (max of £360 which is no taxed)
- If you are 42 or over it is 1.5 weeks for each complete year.

Are they paying you a notice period or are you working this period?

with regards to your IVA, you could consider a payment break or you creditors may accept what you have paid as full and final settlment. Your IP would be best placed to advised on either of those.

Hi cul8tr, and really sorry to hear about your redundancy. Adam is spot on re Stat Redundancy (so you would need over 30 years service to get your annual salary, for example, unless your employer is enhancing it in some way). You're going to need this to support you whilst getting a job (Job Seekers Allowance is around £64 per week, I think). If you get a job fairly quickly and still have something left over from your redundancy then this should be offered as a full & final settlement. If you don't get fixed up quickly you should approach your IP to offer your 57 payments already made as full and final. In any event you should contact your IP ASAP - I'm sure they will help you through this as there is no way anyone will want your IVA to fail so late in the day.

Good luck and let us know how you get on.

Get onto your IP and get them to propose ending your IVA early due to the redundancy. Worth a shot.

Absolutely contact your IP. You will need money to live on while you find a job and epending on how much you actually receive creditors may accept what has been paid to date as full and final or you may be expected to add something to the pot from your redundancy. Personally I would try and have the IVA closed down based on contributions to date.

Well the news is as expected, officially redundant. I am only to receive 4 weeks statutory redundancy - thats not going to go far.

Have to work notice period too.......

Awaiting contact from the IP.

Have approached my mortgage company/utilities company advising of the situation only to b told that as my account is in good order they will not speak to me until I am 3 months in arrears which is absurd.....I dont want to be in debt or in arrears any more !

So confused/frustrated springs to mind at the moment.

I'm sorry to hear that.

I hope you can find further work soon and that you get things sorted out with your IP. Hopefully they will give you a payment break while you look around.