Hi, what would happen to my IVA if I am made redundant? Should find out in next month or so if I lose my job- redundancy payment is just under £30,000.Could I make a full & final offer from my pay off and keep some of it for living expenses until I find another job??
Currently 2 years 2 months in iva.
Last edited by debtdumb on Sat Jul 30, 2011 12:33 pm, edited 1 time in total.
What normally happens is that you are allowed to keep up to six months worth of your money to fund your normal payments whilst you look for another job.
You can always see if they will accept a full and final from your payout.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
Hi your iva will carry on as normal then after about six months or so you will be expected to hand over a large chunk of your redundancy as it will be classed as a windfall.However if you make a full and final offer and it is accepted your iva will be complete so i would contact your IP and ask if it would be viable to make a offer out of your redundancy money and ask for a figure that would be a good offer.How much are remaining payments and do you have a equity clause.
I hope you can get another job in the meantime debtdumb.
You will need to speak to your IP and advise them of the change in circumstances if the redundancy goes ahead.
I hope you don't lose your job.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
