I have been told today that I will be made redundant, the company I work for is relocating to another part of the country, it will mean a round trip of 120+ miles per day, and a decrease in my current salary, so I will have to accept redundancy.
The relocation is not taking place until March / April next year so I still have work for a few months.
My question is, what happens to the redundancy money I will get? Do I have to pay it all into the IVA?
Melanie, I am a client of yours
Good luck Forest. I got told yesterday I had been made redundant as company has administrators in. It's so hard to accept and I must admit a frightening experience....unfortunately my redundancy will be seen as a windfall so I won't get a bean unless creditors will accept a variation in my IVA but that's not guaranteed. You will have to check your terms of your IVA as some people are allowed to keep 6 months worth of wages from redundancy....... Unfortunately it looks like I may not be so lucky.
As it stands at the moment I'm left with nothing and thrown into turmoil........ Hope you fair better.
I came into this world with nothing and still have most of it left!
Sorry to hear the news ... Always a difficult time. Your IP will work with you to ensure your redundancy money is used as per your proposal. Normal practise is to ensure you have the equivalent of six months salary to give you time to find new emoloyment with the remaining being distributed to your creditors .... But every one is different and circumstances may be different ...hence the need to speak with your IP.
Best wishes for the future ... Hopefully new emoloyment will happen quickly.
Sharing from experiences of dealing with debt
There is a solution for everyone .... Just need to stay positive !
