I am about to be made redundant

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alan.v

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Post by alan.v » Thu Jul 15, 2010 8:17 pm
I AM ABOUT TO BE MADE REDUNDENT AND MY IVA MANAGER SAYS I WILL HAVE TO PUT MOST OF MY PAYOUT INTO THE IVA,IS THIS CORRECT AS I HAVE OTHER BILLS AND LIVING EXPENSES.IF I CAN GET ANOTHER JOB QUICKLY AND CAN CARRY ON THE AGREED PAYMENT HOW MUCH WILL I HAVE TO GIVE THEM.THIS IS POSSIBIBLY MY FAMILIES ONLY CHANCE OF HAVING A FRESH START.I ALSO FELL THE IVA WAS NOT PROPERLY EXPLAINED AT THE OUTSET AND NOW I CANNOT GET AY FIGURES FROM MY MANAGER.
 
 

Sol Prior

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Post by Sol Prior » Thu Jul 15, 2010 8:23 pm
Yes it is true. It is classed as a windfall and therefore all but £500 will have to be paid into your IVA.

However your IP may allow you to use the money as if it were salary while looking for a new job. After you have found one you would have to pay the remaining money in.
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kallis3

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Post by kallis3 » Thu Jul 15, 2010 8:28 pm
Hi, and welcome to the forum.

With a redundancy payment you will be allowed to use this to fund your normal bills, including your IVA payments, whilst you find further employment. Once you do, then anything you have left will need to be paid across to the IVA.

Speak to your IP about the change in circumstances and see what they suggest.
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Michael Peoples

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Post by Michael Peoples » Thu Jul 15, 2010 8:29 pm
You are normally allowed to keep six months living expenses from the redundancy money to help while you seek another job. If you find new employment the IVA will continue if you still have a surplus to offer.

It does depend on the terms of your IVA so you speak to the IP themself and not to a case manager.
Michael Peoples | McCambridge Duffy Insolvency Practitioners
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If you would like to talk to me about proposing an IVA or have any questions at all please visit www.mccambridgeduffy.com
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