Being made redundant whilst in an IVA

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lynn200

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Post by lynn200 » Thu Apr 08, 2021 1:51 pm
I have an IVA I might be made redundant how much money could I keep to pay my bills before I need to make extra payments to my debtors?

kallis3

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Post by kallis3 » Thu Apr 08, 2021 2:43 pm
You are normally allowed to keep up to six months pay to help you while you find another job. Speak to your IP.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley.
http://kallis3.blogs.iva.co.uk

Foggy

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Post by Foggy » Thu Apr 08, 2021 2:53 pm
As Kallis says, the usual terms are that you keep the equivalent of 6 months salary from any redundancy compensation from which to live, day to day, and make the usual IVA payments. Anything over that gets paid to the IVA. In theory, if, say, you found new employment in, for example, 4 months then the other two months would need to be paid back to the IVA, so apportion anything you get to keep carefully.

Should you not get re-employed at the end of the 6 months you would need to look at taking a payment break, which would be added back on the end of the term.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
http://foggy.blogs.iva.co.uk
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