Hi,My wife and I have joint IVA , 2 YRS old in May 09.My wife has been offered Compulsary Early Retirement from work.Our IVA provider has told us that they would want any redundency/compensation sum,plus her civil service pension lump sum? Also that she would have to find new employment? My wife will be 60yrs in June 09.
Is this right?
Thanks
If your wife is due any redundancy pay then she should be allowed to use this in lieu of wages until she gets another job if this is what the IP is saying. Any left would go to the IVA.
At the risk of sounding ageist, in this economic climate I think your wife may find it difficult to find other employment.
Your IVA provider may well want the lump sum - I too am due this sort of pension when I retire, and if I do so when I am 60, I have been told by one of the professionals on this site that I probably would have to hand it over.
You say she has been offered Compulsory retirement - does she have to take it?
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
If she doesn't have to take it, then I think I would hang on until after your IVA has finished. It would be nice to use that for some of lifes little luxuries rather than having to hand it over.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
Which Civil Service department we talking about........compulsary early retirement.....I didn't think they could force anyone to end work just due to their age! I would advise her to hang on in their as this is a retirement package rather than redundancy package and the latter could bring far wealth !
Sharing from experiences of dealing with debt
There is a solution for everyone .... Just need to stay positive !
What was your original offer to creditors - ie what dividend was offered? How much has been paid in. You could structure a F&F from part of the proceeds of the voluntary redundancy - lets see the figures so that proper advice can be given.
Regards, David Mond, Insolvency Practitioner for over 46 years. Personal Insolvency Practitioner of the year 2012, Personal Insolvency Practitioner of the year finalist 2013 & 2014 awarded by Insolvency & Rescue Magazine and 2015 finalist for Personal Insolvency Firm of the Year.
David Mond wrote:
What was your original offer to creditors - ie what dividend was offered? How much has been paid in. You could structure a F&F from part of the proceeds of the voluntary redundancy - lets see the figures so that proper advice can be given.
Hi,
25p in £ have paid = 19 x £616 = £11704
they have told me any source of lump sum ,including final saary pesin lup sum has to go to creditors d me off original debt.
THANK YOU
mye - I have deleted some of your posts on here as they are merely quotes from other posters on here and not asking a question, plus a couple were duplicates.
Just in case you wondered where they had gone.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
Once you have sent it you will see some icons at the top of the posts. There is one with a pencil which is the edit icon. Click on that and you will be able to edit anything in your posts.
You also don't have to quote any of the previous posts as it is usually quite clear which one you are referring to.
Can I ask that you post in lower case as well as capitals is classed as shouting.
Not having a go - just trying to help you find your way around the site![:)]
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
There has been much talk about redudancy and IVA full and final settlements on this forum of late, so I thought it would be helpful to clarify the situation:-
1 Redundancy money is paid for compensation of loss of office, and must firstly be used to replace the lost income until alternative employment is found. During this period your IVA contributions ought to be able to continue as normal until the redundancy money is absorbed.
2 Notwithstanding this, the money is a windfall - and you are just allowed to absorb it for a maximum period of say six months - in reality for as long as your IP is comfortable to sanction, so long as you are showing that you are making every effort to find a new job.
3 It is not a tool to negotiate an early settlement with, as creditors already are entitled to all of the money, however there is nothing to stop anyone offering this money in full and final settlement - at the end of the day so long as all steps have been fully disclosed to creditors, it is their decision as to whether they want to accept or not.
4 If a full and final offer of settlement is going to be made using a redundancy payment, you have to be absolutely certain that you will get another job afterwards. Paying off debt is one thing, but putting food on the table is more important.
thank you for that.
we have been told that any lump sums we receive must be handed over but they are allowing a 3 month break from mthly payments while we try and find other employment?
