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T O P I C R E V I E W
kma
Posted - 24 January 2009 : 12:56:41 Hi All, I was discharged from my bankruptcy in November last year. I was paying an ipa until october when I had an accident. Since October my IPA has been suspended as I have been receiving statutory sick pay and my husband is on a low income. But now my employer is making me redundant (I work in financial services) and will pay me a months salary as a redundancy payment. We are struggling to live with just one income coming in but I am not yet able to return to work. Does anyone know what will happen: 1. Re My IPA and 2. Re My redundancy payment. Will I have to pay it to the OR? Thanks
1 L A T E S T R E P L I E S (Newest First)
John
Posted - 24 January 2009 : 15:03:50 Hi
redundancy payments and / or payments in lieu of notice are not considered income in bankruptcy. Had you been bankrupt it would be claimable by the OR.
As you are not, but in an IPA, the money is safe. "Income Payment Agreement" by definition relates to income only and, as above, redundancy etc cannot be considered income.
