Hi my job is under threat I will either get redundancy or apply for my position with less money either way I won't manage less money on my iva what will happen ?
Hi -- depending upon the wording of your own IVA, if made redundant, the IP will allow you to retain 6 months worth of salary, while you seek work. The balance is paid into the IVA.
If on a reduced salary, many proposals allow the IP to agree a 15% reduction without referring to the creditors --- anything over that will need a review and a variation agreed.
Keep your IP in the loop.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
If your reduced salary leaves you with no disposable income then it may be possible to ask your creditors to accept your redundancy payment as a full and final offer
