Partner being made redundant while in iva

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paul306
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by paul306 » Fri May 11, 2018 11:51 am
Hi,
My partner and I have 12 months remaining on a joint iva.
She is being made redundant soon and the entire redundancy pay will satisfy a f&f settlement.
However, she will be looking to be starting a new job almost immediately. I was informed In this case that the full redundancy is payable, and we will have to continue with the monthly payments until the conclusion of the arrangement.
Can we not just utilise the redundancy to settle the arrangement without having to continue on to the conclusion of the iva?
I would be grateful for your input.
Thanks.
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Foggy
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by Foggy » Fri May 11, 2018 11:56 am
The redundancy compensation is due to the IVA anyway. The detail will be in your paperwork. The prospect of using the compensation as a F&F only really stands where there is no realistic possibility of re-employment due to age or health.
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kallis3
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by kallis3 » Fri May 11, 2018 12:55 pm
Your IVA isn't joint, it is interlocking so her redundancy would go towards her IVA and not yours. She would be able to keep up to six months money while she seeks another job.
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Lisa Thomas
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by Lisa Thomas » Fri May 11, 2018 3:24 pm
She may be able to retain 6 onths worth of the redundancy and use the balance to offer an F&F but as per above it's not joint, only interlocking and will only go into her IVA.
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Lisa Thomas
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by Lisa Thomas » Mon May 14, 2018 9:08 am
* 6 months
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