Redundancy money while in an IVA????

END_OF_MY_TETHER

Hello all.

first things first - thank you so much for all the help, advice, wit and humour in light of most of our situations!!laughter is the best medicine!!keeps me going reading them!!

OK, so I am 2 yrs into a 6yr IVA ( thanks NROCK ) - an I have been at threat of redundancy since June 2010!!anyway looks like there is no way out now and redundancy is imminent - approx oct/dec.

I am due roughly £10k in settlement and wanted to know whats next.

This is not enough to be a genuine full and final offer to iva, so I was wondering what (legitimate)uses you can do with the money??

what are legitimate reasons for keeping the money??

I've heard six months income can be kept back?
but what happens when you start a new job??pay back difference??
Can I buy a newer car - £400 fiesta at present? (last legs?)
we owe approx £1k to the in-laws - (although £10k would be closer to the truth with the help that they give us)
Holiday - haven't had one of them since TWA went bust!!??

Any help & advice would be greatly appreciated.

Kind regards

END OF MY TETHER

ps... due to the financial crisis, energy price rises & global warming - the light at the end of the tunnel has now been switched off!!!:)

FoggyBrain_2

Hi--- not terribly good news on the redundancy, nor, I am afraid with what happens to the money. You seem to have a good grasp on things ... keep back 6 months wages and the rest goes into the IVA. If you get a job before the 6 months you pay in the used months.

You can put a case to your IP foe permission to use some funds for a newer, more reliable car. This could save grief for repairs later on.

In laws and holiday will have to wait.