Redundancy

[H72]

Hi, i am in the process of being made redudant, i have just spoken to my iva supervisor, who couldn't answer my question (!!!) which is; "When i get my redudancy payout, which is only about 2 months wages, is that mine to carry on paying my iva plus rent etc, or do i have to give all to my creditors, because if i don't get a job i will need to live of off this money" Please help, i am so worried!! Thanks in advance.

[MelanieGiles]

Your redundancy money is there to supplement the shortfall in income you will suffer as a result of the redunancy - so it is doubtful if you would have to pay any over if you are only getting two months worth - but if you get a job in that period any balance will need to be handed over to your IP as a windfall.

[kallis3]

You are normally allowed to keep your redundancy to fund your normal payments whilst you search for further employment. If you find work and you have any redundancy left, then it should be paid across to your IVA.

If you struggle to find other work, you can always ask your IP for a short payment break whilst you continue to look. They should be sympathetic in this day and age.

[H72]

Dear All, thank you sooo much for both your replies, you really have put my mind at rest, difficult enough dealing with IVA, let alone being made redudant and then your supervisor of your IVA not being able to answer, makes me wonder what i paid them for!!!! Once again thank you very much for your time and help.

[David Mond]

I am sorry that your supervisor was not able to answer your query. Anyway - Melanie has given you the correct advice. Who was the firm you used for setting up your IVA?

[kallis3]

I hope you manage to find another job soon.

Let us know how you get on.

[MelanieGiles]

Perhaps it was not the actual IP that you spoke to but a member of staff who may not have been sufficiently experienced to deal with your query.

[David Mond]

It is surprising that the person you spoke to did not have a clue on how to answer your query though!

[kallis3]

If you should decide to try and speak to your IP instead of the supervisor, you can find him/her through this link:

http://www.insolvency-service.co.uk/newipsearch.htm

[David Mond]

Poster did say Kallis that they had spoken to the IVA Supervisor!

[kallis3]

I have a supervisor - but it is not my IP!

[Skippy]

People often refer to their supervisor when it's actually a case manager. I would have thought that the IP would have known what to do!

[David Mond]

I agree - but in todays day and age you never know.

[kallis3]

I wouldn't think much of my IP if he/she couldn't answer that sort of question.

[Skippy]

True!