Help! Will my redundancy money be swallowed?

runawayquickly

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

To_be_Free

Hi,
How far have you got with the IVA process.
Has it been agreed with your creditors or is in still in the process of being set up.

RAS

Hi

I hope that you IVA is organised through one of the debt charities?

http://www.moneysavingexpert.com/loans/debt-help-plan#help

if not then you need to talk to them before you sign anything as most IVAs are mis-sold.