Usually you get to keep up to 6 months take home salary from redundancy money to live on and make IVA payments as usual while you are looking for work. If you get a new job before the 6 months is used up you are expected to pay back to the IVA whatever is left of the redundancy money you were allowed to keep, although I am sure that some IP's do not bother.
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