Hi all. Please could someone help me. Due to the job Im in and the current climate there has been rumours that there may be a "package" offered in just over a year for people to leave. We are talking quite a substantial amount of money. Where would I stand if I was still in my IVA? Would this be classed as a windfall, even though it would be redundancy money? I appreciate it voluntary so not sure where I would stand if I chose to take it? I am unhappy in my job but there is no way out for me at the minute, just wanted to know where I would stand. My IVA is finishing in the autumn of next year.
Hi - it would be treated as a windfall for the IVA. You may be able to keep an equivalent of 6 months of your current income, but the remainder would probably have to be paid over.
If your redundancy money minus 6 months equivalent of your salary would pay back your entire debt then any balance would be yours - otherwise it would be classed as a windfall for your creditors in addition to your continued monthly payments.
Sharing from experiences of dealing with debt
There is a solution for everyone .... Just need to stay positive !
You could always approach your IVA company to see if they would put forward a full and final using some of this money. They may not, but it's worth a shot.
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
You could always try to get creditors to agree a F&F amount in advance and say you will only accept Voluntary redundancy if they agree. If they want the lot, then it is quite reasonable to stay in your job.
Agree that you should stay in your job if your money is at risk.
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
I recently took voluntary redundancy, at the time I was 2 and a bit years into my IVA. I was able to offer a full and final out of my substantial payout. To put your mind at rest there was no issue because it was voluntary. For me it worked out really well and I hope it does for you as well. x
