Hi
I'm being made redundant very soon I have an IVA in place but my worry is I am not well enough to work
Will the IVA take all my redundancy?
Please advise
You need to speak to your IP about your change in circumstances and explain that you won't be able to work. They may need medical information from your doctor as to your problems. It may be that they will be sympathetic and let you keep some whilst you sort out benefits.
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
You should certainly be allowed keep an amount equivalent to 6 months income, with which to carry on living ( and paying the IVA) and the situation will be revisited in 6 months if you are still not working. Next steps will depend on how long you have been in the IVA and income vs. expenditure going forward.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
