Just after a little bit of advice regarding redundancy. I have emailed my IP but awaiting response.
My partner has been informed he will no longer have a job after this Friday due to business closure. His boss has advised he will speack to their accountant regarding redundancy. I have had a quick look up regarding statutory redundancy and worked out he may be entitled to about £800.
If he received £800 would any of this have to be paid into the iva? Would we be entitled to payment break while he finds work and we sort out our income?
I'm sorry to hear your partner has lost his job, not a nice thing at any time.
You should be able to keep the redundancy as it is intended to tide things over until you get another job. If this takes a while, and your IVA is protocol compliant, then it is possible for your IP to authorise a payment break without going back to the creditors, the payments missed are tagged onto the end of the term..
Statutory redundancy is worked out based on the age of the individual and their length of service, and is subject to an upper limit per week. If he is in an IVA, it is likely that he would be allowed to retain his redundancy package until he finds a replacement job, but he would need to verify this with his own IP to be certain.
