Im on an IVA and I would be grateful for some infomation/Iva options around Redundancy please. I.E My redundancy money will not cover a settlement figure . My worst fear is having to pay all my £6000 redundancy into my IVA then not being able to keep up the payments on my iva as i will be out of work, the IVA will then be wound up/cancelled and I will be back to oweing the same amount as when i started. So the £6000 would have been paid into the IVA for nothing .
The redundancy money is a windfall in your IVA, which technically needs to be paid over to your IP for the benefit of creditors, however your IP is sure to allow you to keep some of the money to tide you over until you find replacement employment.
There is no hard and fast rule about this, so give your own IP a call and find out what they can recommend. Hope you manage to find something soon.
