We will look at the individual case when it comes to a change in circumstance but usually with redundancies the following process takes place:
We will look at how much you will receive as part of your redundancy package and depending on the size, will decide how much of it (if any) you will give to your creditors to repay your debt, while still allowing you to keep enough of it to continue to make your monthly contributions and expenditures for the next 6 months.
If you become employed again within 6 months, we will review how much of your redundancy you will then need to contribute toward your IVA and what your monthly payments will be going forward.
If you are not employed at the end of 6 months, we will need to re-evaluate your circumstances and affordable monthly payments.
Please remember that you are still in a legally binding contract with your creditors and the repayment of your debts still stands but we will do everything we can to come to the best solution for you.