www.iva.co.uk

Sorry if this has been asked before but I did a search and could not see what I am looking for...

I am to be made redundant, I am in the first year of my IVA. My 'package' is set to comprise of three elements;
1)Redundancy payout - tax free
2)Notice substitute - I won't be working the full month, so I am being paid it without working
3)Holiday pay accrued but not taken.

Am I right in thinking that if I manage to get another job with no break in employment then I will give all of 1) and 2) to my IP and that presumably if I have a gap it is calculated on a pro-rata basis?
Will any of monies paid to my IP be additional to the sixty payments?

What happens to holiday pay? It is not in lieu of earnings, but in lieu of time off that I was entitled to.

Any advice gratefully received.

O78.

Hi 078

I am not too sure what will happen with your situation - being that I am a debtor just trying to survive!!!!!

I am sure that Melanie or one of the others who regularly post on here will give you good, sound advice.

I just wanted to let you know that we are about!!! Even if its a little late!!

Sue

Ho Hum! Think I'll bang my drum!

Read My Blog
http://sadsack.blogs.iva.co.uk/

Hi Orange - never fear about asking a question on the forum - we are here to help!

Your redundancy package is compensation for loss of office and therefore to be used to supplement the loss of your salary until you find alternative employment. If the new employment is paying you at a lower rate than your current employment, your package can also be used to supplement the difference.

You would only need to hand over the redundancy money as a windfall, if you were to find a new job straight away or before the package had been absorbed. Do not let this put you off looking for work - a job is more precious than a few pounds any day.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

To have me propose an IVA for you, please visit:
http://www.melaniegiles.com/ivaEnquiry.asp

See customer feedback at:
http://www.iva.com/iva_companies/IVA_Advice_Bureau.asp

Sorry but just to clarify, if I find employment straight away I don't get to keep anything, including the holiday pay?

If that is the case, I really should have taken my holiday....

Hello Orange

yes, I'm afraid that is the position. You could always try to negotiate unpaid leave with your new employer and use the money during this period. Strange world isn't it?

I guess it is more money than I need to live off, so it should go to my creditors - it is not their fault I am in an IVA - it is mine.

It seems highly unlikely that I won't have a gap in my employment anyway, I finish a week today and my first interview is Monday.

Hi
"I guess it is more money than I need to live off, so it should go to my creditors - it is not their fault I am in an IVA - it is mine."
A refreshing view
Good luck to you.
Regards


Andy Davie
IVA.co.uk Spokesperson

About me:
http://www.iva.co.uk/andy_davie_profile.asp

IVA Helpline: 0800 197 4838
http://www.iva.co.uk/iva_helpline.asp

Thanks for the replies.[:)]