Will IVA take up my redundancy money? I want to use it to find a new job.

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jayden
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by jayden » Thu Jun 22, 2017 9:01 am
I'm 12 months from finishing my iva and have been made redundant after 25 years. My redundancy money will allow me to buy a new car to travel to find a new job and retrain, I'm worried my iva will take half if not all my money. In which case I will end my life as there will be nothing left to live for. Please help
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kallis3
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by kallis3 » Thu Jun 22, 2017 9:10 am
Hi,

You are usually allowed to keep up to six months worth of your redundancy whilst you look for a job - please speak to your IP asap and life is worth living so please don't do anything silly.
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kallis3
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by kallis3 » Thu Jun 22, 2017 9:12 am
It maybe you can ask your IP to take payments to date and close your IVA down.
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harrysmummy78
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by harrysmummy78 » Thu Jun 22, 2017 10:09 am
Sorry to hear you are feeling so down, you need to speak with your IVA company they will help you find a solution and you may well be able to look at a full & final offer with them to end your arrangement, I am also in the process of doing a f&f due to being made redundant and I am also in my last year it is a terrible feeling to have got so far and then to be hit with redundancy, it is important you get advice as soon as possible and hopefully it could end up being a positive outcome for you and allow you a fresh start. Good Luck.
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Foggy
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by Foggy » Thu Jun 22, 2017 11:40 am
As already said, speak to your IP to discuss options. There is usually a solution out there.
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