F&F settlement with redundancy- help

[hopeful]

Hi everyone its been a while since i last posted and i apologise in advice if this is long winded.
basically we are 26 months into our IVA where we pay £711 a month. We have paid ££17,915 so far with 34 payments left at £711 = £24,174 over that time. My husband has just been notified that hes to be made redundant at the end of this month which has caused no end of distress. His redundancy package works out at £25,000 but we have been told that he will have to pay tax on his payment of notice which is £8900 so that will probably reduce it to around £22000 in all. We have notified Grant Thornton who are extremely busy and a specialist advisor is unable to speak to us until 11th November about a F&F settlement, so i would really appreciate any advice from the experts on here as to what figure we would be looking at for the settlement bearing in mind we then only have this money to live on until my husband can find another job. This is also a worry as his salary is currently £36,000 and jobs of that salary range are not exactly abundant with the country being in the financial mess its in at the moment. Having the IVA settled if possible would be a big relief as my husband could maybe then consider a role with less salary to give him a better chance of getting another job and therefore holding on to our home. We have the clause in our IVA that we would have to release equity in year 4 but at the moment our house is valued at £120,000 with a secured loan on it of £27,000 and our mortgage stands at £84,000. Sorry again for all the information but i would be able to sleep a bit better over the next couple of weeks if a) a F&F settlement would be possible and b) if we had a basic idea of what we would offer and what we would then have to live on until hubby gets another job god willing

[kallis3]

Hi hopeful,

Sorry, just picked this one up.

How awful that your husband is going to lose his job. I would speak to your IP now and let them know what is happening. You should be able to retain enough money to fund you for the time being.

You would normally be expected to offer as close to the original dividend as possible but the fact that your husband is unlikely to get a job at the same salary may mean that you can offer less.

Be guided by what your IP says.

[sponge]

They can't talk to you till when, I would be cross very very cross!

[kallis3]

Try emailing Karol at GT directly.

ivacustomerservices@uk.gt.com and ensure that "IVA Forum" is all that is entered in the subject line of the email

[hopeful]

Thanks for that Kallis i think i will email Karol direct as it does seem to be a ridiculous amount of time to wait for advice on something that has the potential to turn into a disaster for us. we were originally with BE before being transferred to GT and i must say ive always found BE to be very helpful. This is the first time we've dealt with GT and i must say it doesnt bode well for future dealings. If it takes that long just to speak to someone for advice then god knows how long it will take to actually organise a variation meeting. Thanks again and i would appreciate any advice from the experts on here in the meantime if they pick this up.

[Grant Thornton]

hopeful

I have received your email this morning, I understand that the news of your husband's redundancy is very stressful and you are very concerned about the IVA - I have replied to you and hopefully we can speed the process of conveneing a formal meeting of creditors up for you,

Kind Regards
Karol

[hopeful]

I just wanted to say how marvelous Karol has been from GT. After receiving my email this morning she arranged a telephone meeting with a variation advisor for 4pm today. Have just finished speaking with Breda who couldnt have been more lovely and i feel better today than i have in weeks. who knows what will happen but im certain that GT will do everything they can to help obtain the best outcome possible. Karol if you read this please accept my sincere gratitude to yourself and Breda

[Tina Shortland]

Really glad to read GT have got on the case for you now - it is so beneficial having company representatives on here to be able to pick issues up directly.

Lovely feedback for Karol and Breda.

[Tina Shortland]

Really glad to read GT have got on the case for you now - it is so beneficial having company representatives on here to be able to pick issues up directly.

Lovely feedback for Karol and Breda.

[Tina Shortland]

oops - not sure what happened there?!

[Grant Thornton]

hopeful

I am glad we were able to move things along more quickly for you, and be assured we will do everything to achieve a postive outcome for you both with the variation.
Take care
Karol