Full and final - likelihood of acceptance?

[poppy]

My sister has agreed to lend me some money to offer a full and final settlement to creditors.

There is a chance I will be made redundant in work and I am stressing over my repayments so my sister has come to the rescue.

I am just putting together my paperwork. I have been asked to complete a new income and expenditure form based on my circumstances if I am made redundant. I would have no income though - is this what I should put?

I currently pay back £464 a month and am 15 months into my IVA. I am offering £15,000 as a full and final. Does anyone know the likelihood of this being accepted and how long creditors take to make a decision?

Thanks.

[David Mond]

Will you be entitled to any Redundancy money? If so how much?

You have currently paid in about £6k - what is the length of your IVA is it 35 months only?

[poppy]

It would be statutory only which is £660.

No, my IVA is over 5 years.

[David Mond]

Well 5 years x £464 per month equals £27,840. If your were offering £15,000 to your creditors what has happened to the other £12,840?

[poppy]

£15,000 is the maximum I could get!

[David Mond]

Sorry my mistake. If you get £15,000 plus what you have paid into your IVA I believe that is a suitable variation for your Supervisor to put forward as it amounts to about 75% and is a good offer based on your impending redundancy - put it to your Supervisor. Good luck

[poppy]

Thanks David.

I will let you know how I get on.

I am not 100% sure I am being made redundant but 12 in my work force were 2 weeks ago and I am 70% sure I will before Christmas as things aren't looking good. Would rather get this sorted out now so it's less of a stress if it does happen.

[David Mond]

Better to get your IP to put forward the proposition now mentioning the redundancy point will persuade creditors to accept - bird in hand theory!
x

[scaredkez]

just wanted to say good luck poppy hope your f+f gets accepted.
kerri

[poppy]

Thanks so much Kerri x

[Viki.W]

Sorry about the possible redundancy Poppy. It's great that your sister is helping you out. I hope your F&F is accepted. Fingers crossed. X