Page 1 of 1
Posted: Thu May 17, 2012 5:39 am
by Max33
I have an IVA and am only 16 months away from completing it however, I am being made redundant. I am confident I will find work though paying less but my question is about the statatory redundancy pay. Will I need to give half of this towards the IVA as I have done previously with bonuses?
Posted: Thu May 17, 2012 6:15 am
by Orange78
If you walked straight into another job of equal pay, you are likely to have to put all of it into the pot. It is classed as a windfall.
In other posts, I've read that you can keep up to six months salary whilst looking for a job. Longer than this could mean a payment break.
You will need to keep your IP informed as if, as you predict, your new salary is lower you would need to do another I&E or variation. This should match your contribution to your new disposable income.
Posted: Thu May 17, 2012 7:26 am
by Broke of London
You may be able to keep up to six months salary while you find another job - have a chat to your IP for case specific advice. x