If you were in an IVA and were made redundant then you would be allowed to keep up to six months of your payout to fund your normal expenses whilst you tried to find other employment. Anything left afterwards would go towards your IVA.
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
Hi - I'm sorry to hear your job is under threat. As Jan said, the creditors are generous in their support for finding new work but understandably want to improve the dividend on your debts where they can. Fingers crossed it doesn't happen x
Depending on how long your IVA has been running, the amount you still have outstanding and how much redundancy money you get, it may also be able to carry out a lump sum settlement of your IVA using part of the money you receive. This is generally the best outcome and you should discuss the possibility with your IP.
