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Tifosi1
Junior Member
208 Posts |
 Posted - 01 April 2010 : 11:05:49
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Hello Everyone
Its been a while since I last posted, life has been going really well for me after my bankruptcy in October 2008. I was discharged early in July 2009 and got married in November 2009, and we now have our first baby on the way, due in June!!!
However, things dont always go to plan, I have been made redundant from my job, effective yesterday :(
I spoke to the official receiver when i was told about my upcoming redundancy at the beginning of March, and he has arranged with the solicitors, MoonBeever, for me to have a 3 month payment holiday, which is great news, especially as we have to try and save as much as possible to buy cot, pram etc for the baby. Plus, i am worried it will take me quite a while to find a job in the same field and at a similar salary, so i will need to save as much as possible now to last me during my unemployed period. Moonbeever have now written to me asking for proof of my unemployment.
This i can provide, however, I am worried about the way that my employer has structured my redundancy payments - I am on 2 months notice, so they have placed me on garden leave (fully paid but sat at home) until 31st May, paying my salary in full to that date. On 31st May I will also receive my statutory redundancy payment and any accrued holidays that I am owed.
However, the letter I have from my employer details these amounts, and I am worried that MoonBeever/Official Receiver will demand that I continue to pay my monthly payment up to 31st May, and then also demand a large portion of my redundancy and holiday payout.
This is a big worry for me because, with the need to buy furniture and all the things we need for the baby, and needing to put as much money away as possible between now and 31t May to cover me while I search for a new job, I could really do with the 3 month payment break starting now and also knowing that my payout will be safe.
Does anyone know what line the Official receiver is likely to take? Will i have to continue my monthly payments to 31st May and also pay over my redundancy money?
Many thanks
Tif |
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debtinfo
forum expert
2826 Posts |
Posted - 01 April 2010 : 11:18:54
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| It is likely that they will want the usual payment until 31st May as this is your normal income that you still have comng in. They cannot take any of the holiday pay or the actual redundancy pay |
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Bridgewood
Junior Member
United Kingdom
222 Posts |
Posted - 01 April 2010 : 11:38:40
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Hi Tifosi
The amount you receive as redundancy is compensation for losing your job and, as such, is not classed as income so is not considered when reviewing your IPA. In addition, as you are discharged, it will not be claimed as after acquired property.
However, if you are, in effect working your notice period, the money you receive for the next two months will be classed as income.
Others on this site can advise you better with regard to the mechanics of re-negotiating the IPA, but I would suggest you advise Moon Beever/OR of your change in circumstances and that, because of the impending birth of your baby, your expenditure has increased and you are no longer able to make the payments previously agreed - obviously future payments depend on your employment circumstances in the future
Good luck |
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Tifosi1
Junior Member
208 Posts |
Posted - 06 April 2010 : 10:26:42
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Thanks guys
I am going to call the OR this morning to discuss.
Just my luck, our car went bang over the weekend (two days after a £ 500 service and cam belt change) - I am sure that will be another big bill! |
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REDUNDANCY When Bankrupt
