www.iva.co.uk

Hi,
My IVA is due to end Feb 2021 and I got told about an hour ago that redundancy is imminent for some staff.
I pay £350 per month currently and redundancy payout will be £7125. My payments til end date total £7350. Would they take redundancy pay as a final payment or see it as extra to take then take payments when I get a job?
I'm 47 years old and jobs are sparce where I live ( been in current job 16yrs)

They generally allow you to retain the equivalent of 6 months salary from redundancy pay, with which to live and continue paying the IVA while you look for work. The rest (if there is any) goes into the IVA to increase the dividend.

You could offer the retained amount as a full and final -- but, then, of course, you would have nothing to live on while looking for work.

Mon Jun 24, 2019 3:18 pmFoggy wrote:

They generally allow you to retain the equivalent of 6 months salary from redundancy pay, with which to live and continue paying the IVA while you look for work. The rest (if there is any) goes into the IVA to increase the dividend.

You could offer the retained amount as a full and final -- but, then, of course, you would have nothing to live on while looking for work.

Thanks for the reply. I've been to get an accurate figure from HR and they said before stoppages it's around 11k. My remaining payments add up to £7350. Could I offer the £7350 as a full and final payment and hope I find a job before the remaining £3650 runs out or would they more likely give me the 6 month wage to live on and take the rest?

It is worth running it by your IP as an option --- if they took everything over the 6 months now, they are gambling that you would be able to continue with the IVA if you didn't find work before that ran out, at least if they take the £7k as a full and final offer and closed the arrangement on that they would be guaranteed getting what they signed up for.

Wed Jun 26, 2019 3:18 pmFoggy wrote:

It is worth running it by your IP as an option --- if they took everything over the 6 months now, they are gambling that you would be able to continue with the IVA if you didn't find work before that ran out, at least if they take the £7k as a full and final offer and closed the arrangement on that they would be guaranteed getting what they signed up for.

That was my kind of thinking too. When I have a date and a definite figure do I ring my IP and run it past them?

I think you do need to - I had to when I was made redundant.