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 IVA and voluntary redundancy
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mintxy123
Just Joined

1 Posts

Posted - 20 May 2020 :  19:32:58  Show Profile  Reply with Quote
Hi, first time posting and looking for some advice; Iím ashamed to say that myself and my partner are not very informed and now we find ourselves in a bit of a pickle! Iíd welcome any advice! We entered an IVA with payplan back in November last year (around 30k each)- things were going well and we were happy with it, problem is my husband has now been offered voluntary redundancy (due to this awful virus). Iíve seen some guidance that he might get to keep 6 months of wages- but wondering does this apply if itís voluntary redundancy? The alternative is his hours will go down and heís just about had a ouch of his job and would like to leave and find something else- I will of course talk to payplan but I feel so clueless right now would like to get an idea before we commit to anything! Our IVAís are joint in some way (again a bit clueless) so wondering how this affects that also! Never saw this coming #129318;#8205;#9792;#65039;

IVA Adviser
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799 Posts

Posted - 21 May 2020 :  09:47:31  Show Profile  Reply with Quote
Hi mintxy123.

Payplan's own website talks about being allowed to keep a sum, equivalent to six months pay, from a redundancy settlement. This is to provide time to find a new job. If you find a new job quickly, some of the money you initially kept may also have to be paid into the IVA.

Talking to Payplan makes a lot of sense. The rules are designed to help people get back on their feet after being made redundant through no fault of their own. Voluntarily becoming redundant, without a new job to go to, could be seen slightly differently.

In terms of your linked IVAs, the main risk is that your partner doesn't find new work quickly. If you're having to cover all of the bills you might lose your ability to make the agreed IVA payment.

I am a professionally qualified debt adviser. To contact me about starting a IVA please:?Š      
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