In my opinion you will need say 6 months worth of your notional salary to be kept available out of your redundancy money to enable you to have a buffer before obtaining another job. The balance could be offered as a F&F (although redundancy is treated as a windfall and should be paid over to your Supervisor)so discuss with your IP and come up with a fair and appropriate solution. Payplan should listen. Let us know how you get on.
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.
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
make sure you contact the tax credit people re working tax credit and child tax credit as soon as you finish work as you maybe entitled to additional / increase payments !
Claim JSA the first day after you officially finish with your employer DO NOT wait/delay it !
Sharing from experiences of dealing with debt
There is a solution for everyone .... Just need to stay positive !
payplan insist they need 50% of my redundancy to get it past the creditors as an offer of F&F .payplan say the creditors are being a lot stricter nowadays,Paul
I haven't noticed that from my experiences, although Payplan probably put forward a lot more variation offers than I. I do think that you need to be careful that you do not leave youself short of living expenses until you are able to find a new job. Why not ask Payplan to put the offer forward of a full and final settlement on the basis of what you have paid into the IVA so far, jsut to gauge creditor reaction. You could be pleasantly suprised.
hi,they seem not insterested in doing this as they say they have to forward details of my redundancey award to the creditors at the meeting .I tried offering between 1k-2k and the lady spoke to her collegues and said this would be refused.Unless i offer half my award and 3 monthly payments until in receipt of redundancey,The only was it would be different if i could forward medical evidence of my angina and how it would impact on me finding another job.(hope i have explained ok)paul
Fully understand you Paul - and whilst it is important to undertand your IP's advice, it is their duty to put forward your offer based on the circumstances which you wish to present.
Of course they will highlight the extent of your redundancy payment, leaving creditors to make up their minds whether they are minded to accept. If I were your IP I would contrast the offer to the way that the Official Reciever would view a redundancy payment under bankruptcy proceedings, where 6 months salary equivalent is generally allowed to be retained.
Remember that your family's welfare through the next couple of difficult months has to be paramount over everything else, and you should only agree to something that you really believe you can afford to do.
Thank you Melanie could i just ask how much is termed as six months wages,Also can i just refuse to except my ip demands. I have noticed everyone has agreed with what you say on this forum and i did say to my ip that i was taking advice,but the lady still stuck to what she said ,also pointing out that the creditors could claim all the money i received except for £500 as a windfall payment and then still paaid off the next 2 years .Paul ps sorry to be a pain
Six months' wages would be six times your normal take home salary.
Can I suggest that you insist on speaking to your IP directly on this point. I am sure that they will want to help you to find an amicable solution that suits both sides, and then leaves you with the hard work of job hunting.
I must say if I was in the position of getting 7 grand had prefer to pay my iva off than use it to find anothe job you could always claim benefits until you get one things would be tight but at least the iva is finished.
I don't think that you are entitled to claim benefits if you have received a redundancy settlement. The benefits office will expect to see that absorbed first.
The case officer is not the same as the IP Paul. Have you ever spoken to your IP personally?
