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Help! Will my redundancy money be swallowed?

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Hi,
I am a new poster and need advice on my dire financial situation.

I was about to proceed with an IVA when I was unexpectedly made redundant. This has given me the equivalent of two months wages.

I work in quite a specialised field and know there is very little real prospect of finding work in the current climate.

I have debts of 20k.I know suspect that if I go ahead with an IVA I will have to hand over all the redundancy money I have, leaving me and my three kids without a bean for the forseeable future.

What I need to know is, are bank accounts checked during an IVA? Is it likely I will have to hand this over in its entirity?

Thanks

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