Hi I've just been made redundant

Get expert opinion. This is the place for new questions to be posted.
3 posts Page 1 of 1


User avatar
Posts: 1
Joined: Thu Aug 19, 2010 9:56 am

Post by Rachel.er » Thu Aug 19, 2010 9:56 am
Hi I've been in an IVA for over 4 yrs now and have just been made redundant. I received an enhanced package - the majority of which is tax-free. Do you know if the IVA man would claim any of this money? On my present arrangement, I am contributing 50% of any bonus received but in theory I need to live off this money until I get a new job..
thanks in advance,

Michael Peoples

User avatar
Industry Expert
Posts: 15189
Joined: Mon Nov 03, 2008 12:36 pm

Post by Michael Peoples » Thu Aug 19, 2010 10:21 am
Hi Rachel and welcome to the Forum.
You need to contact your IP straightaway as you have received a windfall. You are normally allowed to retain up to six months living expenses but the rest would go to creditors. It may be possible to close the IVA down as full and final but you must contact your IP if you have not already done so.
Michael Peoples | McCambridge Duffy Insolvency Practitioners
If you would like to talk to me about proposing an IVA or have any questions at all please visit www.mccambridgeduffy.com

Tina Shortland

User avatar
Posts: 2950
Joined: Tue Jan 05, 2010 11:30 am

Post by Tina Shortland » Thu Aug 19, 2010 10:22 am
Hi Rachel - hope you manage to get things sorted soon both with your IVa and finding another job.

Best wishes,
Regards, Tina Shortland, Debt Advisory Manager for Melanie Giles at Debt Advice TV.

If you’re looking for effective debt related information, articles and news, then go now to our on-line advice service at www.debtadvicetv.com

If you’re ready to ask us for specific advice or help, then get in touch at www.call-me.debtadvicetv.com so you can start to free yourself from the stress and anxiety of overwhelming debt.
3 posts Page 1 of 1
Return to “Ask IVA Forum and Industry experts”