Wifes redundancy...

p1mikey

Hi folks....

have been lurking this site for the last few months and have seen some useful info.

I now have a question that i hope someone will be able to shed some light on!

Both my wife and i are just over 2 years into our IVA. We have paid regularly into the IVA and have also added extra when we have had overtime or bonus in our wages.

Unfortunately she came in last week and said that her present employer is making her redundant in 6 months time.

She has worked for them for just under 4 years so she isnt expecting a huge payout...

She has already spoken to the IP and they have said that there isnt alot they can do until she gets the official redundancy letter, which is due in January.

I am hoping that someone may be able to tell us what options may be open to us so when we do " officially " tell the IP i am able to do so with a bit of knowledge behind me!

Many thanks for reading....

Mike

Charco_2

You're not going to get a fortune in the redundancy but obviously you're going to want to your best with it in the circumstances.

You keep going as normal and your sife tries to find a new job, in the meantime her redundancy pay is of no concern to your IP - even if he says you have to pay it in to your agreement - because the redundancy is just a replacement for the wages she wont be earning while she is between jobs!

From your point of view, the redundancy pay is what is going to help you make the ends meet until a new source of income can be found.
You'll be able to look at your IVA budget and quickly calculate from the payout given how long your wife has to find a new job - if she does not find a job in this time then you could always ask your IP for a payment holiday of a few months. When she does find a new job, you restart your monthly contributions and PROBABLY have to recalculate your I&E to take into account the change in wages (unless she gets a job on exactly the same pay!)