what if myself or wife is made redundant

[dmss]

what if myself or wife is made redundant during an iva will the crediters take our redunancy and still expect us to make our payments

[MelanieGiles]

Hi dmss

That will depend upon whether you find replacement jobs. Redundancy monies are paid as compensation for loss of office, so the monies must firstly be used to replace the lost salaries. If you do get jobs before the monies have been exhausted, then you may be required to pay over the balance into the IVA.

Just keep your Supervisor informed if you are already in an IVA.

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

For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk

[iva_squirrel]

Hello,

Welcome to the forum.

It is inevitable for some people that their circumstances will change over the five year period of the IVA. It is normally preferable that the IVA plays out as originally planned, but sometime exceptions do occur. For example:

Income difficulties from accident or redundancy
Change in household circumstances such as separation or new children
If circumstances change significantly the individual should contact the IP to discuss the changes. If, under exceptional circumstances, it is necessary to make a variation to the IVA then the IP has the ability to hold a variation meeting with the creditors.

There is no guarantee that the IP will elect to hold a variation meeting, and there is no guarantee that the creditors will accept the varied terms of the IVA.

Kind regards,

Julia

For more information about IVAs, please visit my website:
www.supersonicsquirrel.net