Is this a windfall ?

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Post by craig.rn » Fri Jul 30, 2010 9:36 pm
Im in a the fourth year of my I.V.A and i am about to be made redundant expecting to get about 12 thousand pound as a redunancy package. Will i have to pay the lot in to my iv. Will i be able to keep any for my living cost.IS THIS A WINDFALL.


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Post by MelanieGiles » Fri Jul 30, 2010 9:38 pm
Hi Craig and welcome to the forum

Your redundancy payment is deemed to be a windfall, however you ought to be allowed to keep an equivalent of six months unpaid salary to tide you over until you find a new job - which hopefully won't be too long. If you do find a job in the meantime, you will need to pay over the balance of any unused redundancy into the IVA.

So sorry to hear of your bad news - and best of luck with the job hunting.
Regards, Melanie Giles, Insolvency Practitioner
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