I am being made redundant on March 30th 2017. I have been offered an alternative role with an associated company so will not be entitled to redundancy pay. The new company have stated the background checks will take up to 8 weeks so will not receive a job offer start date until 1st June. This means I will have no income to live on for April and May. I am in an iva and have been informed by the financial ombudsman service I am due a refund from payday lender of 3400.00. can i keep this?
The PPI refund would likely be an asset of the IVA so paid to your IP. They may allow a payment break while your employment situation is resolved but it would require approval from creditors for you to retain any of the funds.
As Michael says, the refund will be payable into the IVA and the IP would need creditor approval for you to be allowed to keep any (which might not be forthcoming. The easier option would be to agree a few months payment break -- which will be added on at the end as your IP,if willing, can agree that off his own back, assuming your agreement grants him the usual discretion to do so,
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
