www.iva.co.uk

Hi to you all.

I am currently in an IVA. What happens if i am made redundant and if i qualify for redundacy package , would i be able to keep this or how would this work out

You would normally be allowed to keep a percentage of the redundancy for living costs to tide you over for a few months while you looked for new employment. Anyhing left would be paid across to the IVA as a windfall. If you could not get new employment within this timeframe you would probably be able to negotiate an IVA payment break. Your IP would be able to advise you as different IVA providers will have different rules.

It is shortly to become part of the IVA protocol that you can keep up to six months's redundancy money to assist you financially until a new job is found. Regardless of the protocol, I believe this to be practiced by the vast number of IP firms specialising in personal insolvency in any case.

That's good news Melanie - save having to negotiate this with the creditors.