Hi, I recently made an offer for f&f via my in laws, this should go through mid June should it be accepted. I have just been offered voluntary redundancy, the sum I would take is around 3 times what the offer is. I plan to use some of the money to finally do a driving instructor course. There is obviously some initial outlay to this. My question is this, would I be able to make an f&f offer myself with my payout of the same value? After the costs of starting up the driving, I would have around 13k left. I believe it would be reasonable to assume I may need this to fall back on until I have established myself.
Thanks
Hi Hypnomonkey. This would have to be run by your IP as the redundancy payment is a different animal to the third party funds you already have in hand.
Generally, on redundancy, you are permitted to retain the equivalent of 6 months salary to live on and continue the IVA payments. The rest goes into the IVA to increase the dividend.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
If this was me and this is only voluntary redundancy I would try to delay my decision until the f&f has (hopefully)
been agreed, otherwise as Foggy says, you wouldn't be able to use it as a f&f unless it cleared your debts in full, plus fees and the would only allow you to keep up to 6 months equivalent salary
