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Am I correct in thinking that redundancy pay isn't included in IVA payments until you've found another job, it is used to replace income. Also is it okay to hold out for the right job (if amount of redundancy pays enough to replace income for a few months). I wouldn't want to be in the situation that I had to accept the first job that turns up (as is the case with some income protection plans).
Thanks

Gordon gives good advice there, but do checkk this out with your own IP to be sure that they concur with what you are doing.

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

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Hi
Gordon
It dependes on the wording of your IVA,there is no set rule.You are quoting from your own proposal but others may be different.
Compensation will be classed,generally,as a windfall unless the wording of your IVA dictates otherwise.
To answer louise's specific question you can hold out to find another job for as long as you need to if you continue to make payments into your IVA from your redundancy payment,but again check the wording in your agreement
Regards

Andy Davie
IVA.co.uk Spokesperson and Website Manager

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

IVA Helpline: 0800 197 4838
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Thank you all for your advice. The situation hasn't arose yet. Its a what happens if situation. A few rummours started in the workplace about the future of the company that I work for. Hopefully nothing will come of it but I always think better to investigate all eventualities than bury my head in the sand.