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Hi all

My wife and I were just made redundant we a week ago we have both now got new jobs however my income is now less than before but hers is more. Overall we are a now earning about £1000/year less than before however as we only pay 27p / £ we do not think a revision is worth while to our IVA and we dont want it to fail. We can still afford the IVA payments per month so do we need to let our IP know or can we just keep on paying the monthly contributions.

Also is redundancy payout considered a windfall and are we liable to submit 50% of this to creditors


Thanks
Scooby

Hi Scooby

I am not sure about the redundancy payment - how this is viewed but I am sure one of the others will be along to advise.

I would think that for your piece of mind, informing your IP of your situation would be the best - keeping everyone in the loop so to speak. Having £1k less per annum is quite a considerable sum, living within an IVA is quite difficult.

Congratulations to you both on having found employment. This must have been quite a relief!!

Good luck.

Sue

Ho Hum! Think I'll bang my drum!

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Hi Scooby,

I would contact your I.P and advise them that your situation has changed, eventhough it is £1000 less per year I think it would be wise that you inform them as it will stop any suprises in the future.

I dont believe your redundancy money will be asked for by the I.P as this is usually seen as money the client needs to live whilst looking for new employment, in your case you need this money until your new employer pays you.

Best Regards,
IVA Experts
http://www.iva-experts.co.uk/

Hi
I would also suggest to your IP that you use this redundancy money to bridge the gap in your income for the remainder of your IVA.
Regards

Andy Davie
IVA.co.uk Spokesperson

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IVA Helpline: 0800 197 4838
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