www.iva.co.uk

I am 53 years of age and have been in an IVA for over a year now. I am now having to face the possibility of redundancy. What claims does the IVA agreement have on any reduncay pay or in the case that I have to register as being unemployed? How would my unemployment benefit be affected? How would the IVA be affected in the case I decided to look for work in another member state of the EU e.g. France, Germany etc;? Thank you for your assistance

Any redundancy money should firstly be used to pay for your outgoings until you find alternative work. Any thats left over after you find work may be swallowed up under the windfall clause in your agreement. Not sure about enemployement pay etc etc.
If you were to find work elsewhere in the eu you would continue to pay into your iva as normal.

Totally agree with plasticdaft.

I don't know about unemployment benefit either, hopefully one of the professionals will be on to assist with that.

You can actually find employment anywhere in the world and continue to service your IVA from there.

Thanks for your help

plasticdaft wrote:

Any redundancy money should firstly be used to pay for your outgoings until you find alternative work. Any thats left over after you find work may be swallowed up under the windfall clause in your agreement. Not sure about enemployement pay etc etc.
If you were to find work elsewhere in the eu you would continue to pay into your iva as normal.

Your redundancy package will include holiday pay and pay in lieu of notice. I do not believe that you will receive unemployment benefit until this period has elapsed so the money that you receive will be needed just to survive.

If you find a job and it pays less than what you currently earn, creditors may accept your redundancy as full and final settlement. If you find work abroad, you will need this money to cover travel costs and living expenses until you settle in and as the others have said you can make your IVA payments from anywhere in the world.

Hopefully the redundancy does not happen but keep your IP up to date with developments as there are there to help.