IVA and PILON

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B b bur

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Joined: Fri Feb 11, 2022 6:24 pm

Post by B b bur » Fri Apr 15, 2022 8:53 am
Hi, I have been dismissed from my job and paid 12 weeks notice of lieu, will my IVA need a proportion of this money as if it were overtime or bonus payments? Obviously the 12 weeks will be required to find alternative employment? any thoughts from anybody?

Foggy

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Joined: Fri Dec 17, 2010 11:14 am
Location: United Kingdom

Post by Foggy » Fri Apr 15, 2022 9:05 am
Assuming you have the usual clauses in your proposal (have a read and check) the usual stance with redundancy compensation is that you are allowed to retain the equivalent of 6 months salary. So, in this case, all of it, with which to live and maintain IVA payments whilst seeking new employment. In theory, if you find work before the 6 months ( or 12 weeks here) any unused compensation should be paid into the IVA.

Once the period covered by the retained compensation runs out, if you still haven't found a new job, you will need to discuss the possibility of a payment break with your IP.
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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