im worried witless

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john.63

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Post by john.63 » Thu Jul 01, 2010 7:38 pm
i have been in a iva for 2 yrs i have just been made redundant and recieved redundancy payment my case worker said i have to pay my full settlement figure which would be over half of my redundancy is this correct im worried witless im not in receipt of benefits
 
 

justsurviving

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Post by justsurviving » Thu Jul 01, 2010 7:56 pm
Sorry to hear about your redundancy,

From what I understand, in the case of redundancy you pay over any amount in excess of 6 months net take home pay (and obviously not exceeding the total amount of the original debt) but this may vary from firm to firm? In any case the details for redundancy should be included in your chairman's report.
I'm sure an expert will be on later to advise you further.
Last edited by justsurviving on Thu Jul 01, 2010 7:57 pm, edited 1 time in total.
 
 

kallis3

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Post by kallis3 » Thu Jul 01, 2010 8:03 pm
Hi John and welcome to the forum.

If you receive redundancy pay you are usually allowed to use some of this to fund normal monthly expenses (including IVA payments) until you get another job. If you do get another job in the meantime, any remaining money will be paid across to your IVA.

Dependant upon your payment, you could always try to use this as a full and final payment for your IVA.

There is nothing in my proposal or chairmans report about redundancy.
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.
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Michael Peoples

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Post by Michael Peoples » Thu Jul 01, 2010 8:33 pm
It is not such a bad offer if you can retain half of the redundancy and have your IVA closed down. Technically the whole amount is a windfall and while you are normally allowed to retain some for living expenses, it does depend on your proposal.

You should also be entitled to jobseekers allowance and hopefully you can find other work soon but as a debt free person.
Michael Peoples | McCambridge Duffy Insolvency Practitioners
http://www.mccambridgeduffy.com
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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