www.iva.co.uk

Hi All,
Just a little advise please...

I am exactly 3years into my 5 Year IVA... Never missed a payment..

Now the place where I work (last 10-11years)has been making redundancy's - downsizing etc for last 2years.. we can see they have hit hard times etc... Started paying monthly (25th each month) wages 1-2 days late... no prob aslong as I know.. this months pay (Febuary) has still not arrived and they are saying 'hopefully' next week...jeeezz ... missed my IVA payment but will of course make that up once paid and have notified them it will be late.. got £60 in bank charges.. work says they will pay once wages are sorted..worse thing is 3 weeks today its payday....Ile have to go through it all again...

Where do I stand??? Do I struggle through it and hope work picks up and if work goes bump hopefully redundancY should be a good enough for F+F ??

I just dont want any bad strikes on my IVA only got 25payments left... aaaaarrrraaagggghhhhh

[:(!]

I think the first thing to do is stop most DDs and I would include your IVA payment in that. If you explain to your IP, mortgage company etc what has been happening they will understand and you can make the payments immediately your wages go in.

Your IP may even allow you a short payment break so you have a bit of contingency in the event of the company going under because while wages are protected, they are not paid overnight.

If the company does go under you will receive the statutory minimum redundancy which may be enough for a full and final. However, you need to make sure you look after yourself and your family first so ideally you would want a new job first. Hopefully this is just a blip and your company will survive but try and protect yourself in case it does not.

Thanks Michael..

How would my notice work if the company goes under.. Is that also covered ??

I dont want a payment break as of yet as I can see the finish line with my last payment date stamped clearly in my head heh heh.. but pleased to know that would be an option if things do actually prceed to become worse..

There are maximum periods and amounts for holiday pay. These are all covered but hopefully it does not come to that.

Thanks again Michael...