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I am only two months into my IVA and have just been told at work that I may be made redundant in the next couple of months, due to a downturn in work.

This is not certain at the moment, but I would appreciate any advice on how much of my redundancy payment I would be expected to pay into my IVA (hopefully not all!).

I don't know how long it will take me to find a new job, but I will need my redundancy money to pay bills whilst I am out of work.

Do I even have to let my IP know?

Any help would be apprecaited.

Thanks

Hi Juliemac and welcome to the forum. So sorry to hear about your bad news.

Your redundancy money is used to fund your lost salary until you find work again. You will need to tell your IP that you have been made redundant, and that you are looking for work. Until the redundancy money runs out you will be required to make ongoing IVA payments.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

To have me propose an IVA for you, please visit:
http://www.melaniegiles.com/ivaEnquiry.asp

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http://www.iva.com/iva_companies/IVA_Advice_Bureau.asp