www.iva.co.uk

I have just been informed at work that my job has been made redundant and that if I want to go ahead and receive the pay and not apply for any other role that has been created, i will receive nearly £6,000.
However my concern at the moment is if i go ahead and receive this redundancy pay, how will that affect my IVA bearing in mind that i will be out of job and am supposed to use the money to pay for bills etc.

This is a real dilemma for me as am confused as to what i need to do and any suggestion will be appreciated.

Does your IVA proposal include any provision for how redundancy and the severance pay relating to this will be dealt with. It is usual for you to be allowed to retain up to six months salary equivalent, whatever that may be - but your IP will want you to cover the IVA payments over that same period in advance. Do check the terms of your own agreement, however, or have a chat wit your IP directly.

Sorry to hear about the job loss, and hope you manage to find something suitable soon.