Made redundant whilst in an IVA

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leigh
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by leigh » Thu Oct 04, 2018 1:57 pm
I've been made redundant, where does this leave me with my IVA ?
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MerlinL14
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by MerlinL14 » Thu Oct 04, 2018 2:19 pm
You need to talk this through with your IVA company ASAP. You would normally be allowed up to 6 months salary equivalent from any redundancy payment, the remaining will need to be paid to your IP as a lump sum. Going forward from there really relies on whether you gain employment with in the time frame set out by your IP. But communication is your first priority.
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Shaun Vickery
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by Shaun Vickery » Thu Oct 04, 2018 3:04 pm
Great advice from Merlin, agree entirely, speak to your IVA firm.
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Foggy
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by Foggy » Thu Oct 04, 2018 3:24 pm
I agree with Merlin ... a chat with your IP is in order, sooner rather than later. If you do not secure alternative employment within a reasonable period you might need to agree a payment break with your IP, which will be added back on at the end of the IVA.

The way forward will also depend on how far you are into the IVA.
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Lisa Thomas
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by Lisa Thomas » Mon Oct 08, 2018 12:10 pm
Here is my video on the same question:

https://youtu.be/Nv9YGWYLps8
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