First time posting and hoping someone knowledgable can help me.
I’ve currently been in my IVA for around 2 months now.
Myself and a large number of ex colleagues were recently awarded a protected award by an employment tribunal due to unfair treatment prior to a mass redundancy.
I have sent a copy of the award letter from the insolvency service to my IVA supervisor a few days ago to have reviewed And get advice on whether it’s considered a “windfall” but still waiting for a response and the money has now been sent to me.
I still need to pay the solicitor fees + vat but I wondered If the nature of the award one in which it would be considered a windfall and I will have to surrender everything after the first £500?
I am in serious need of some urgent dental work I cannot get via any NHS route at the moment locally especially with the current climate and had originally earmarked this award for helping to pay for that work long before circumstances changed and I had to enter into the IVA.
Specifically: 1.13 The supervisor has discretion, in relation to whether any redundancy payments in excess of six months net take home pay are required to be brought into the arrangement as set out in clause 10.6 during the duration of the pandemic.
1.14 The consumer should be explicitly told that they may have to include an amount that has been paid by way of redundancy into the arrangement in future, if the supervisor decides to use that discretion.
Normally redundancy compensation is treated differently to windfalls. However, this court awarded payment might be classed as a windfall instead. Incidentally, with windfalls -- you do not get to keep the first £500. If the windfall is under £500 you keep it all, if the windfall is over £500 to pay it all in.
Not much help, I am afraid. You really need input from 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