Potential Redundancy

[Qikichi]

Hi Everyone

I found out last week that I was up for redundancy. I have to jump through some hoops first while they decide who stays and who goes.

If I get made redundant, can I use my redundancy payment for a full and final payment? I was due to pay 39p in £ back but if I used my payment I could pay back back about 43p in £.

Chiri

[Sadsack]

Hi Chiri

I am sure that you would be able to do that - based on the figures you have put here, you would be giving your creditors a bit more p in the £. How long have you been in your IVA? There may be a clause in your IVA which states you cannot settle within a 12 month period. also you need to remember that your IP needs to be paid!!

I would suggest that you speak to your IP and get there take on the matter. However, someone may be along shortly to correct me if I am wrong.

Sue

Ho Hum! Think I'll bang my drum!

Read My Blog
http://sadsack.blogs.iva.co.uk/

[Qikichi]

Hi Sue

I've been in my IVA since April 2005. I'm not sure what my exact redundancy amount would be but my friend was made redundant last year and we started work at the same time so I used his amount. I am a pay grade higher so assume I would get a little more. I've used this as IP payments. Not an exact science but I'm just testing the water to see if this would be a possibility.

Chiri

[Sadsack]

Chiri

I am not an IP so would not be able to give you the exact advice. I would rather contact my IP and chat to them about the possibility of offering a full and final, run the figures past them and I am sure that they will give you the answers you need.

If you want to, you can post the figures on here and I am sure one of the IP's who regularly post on here would give you their take on it.

Sue

Ho Hum! Think I'll bang my drum!

Read My Blog
http://sadsack.blogs.iva.co.uk/

[Qikichi]

Thanks for the advice. I'll wait until Tuesday when the redundacy calculation is published so I'll have an exact amount.

[Sadsack]

Good Luck Chiri -- hope the package is a good one and you can settle this and move on with your life - DEBT FREE!!!!!

Let us know how you get on!

Sue

Ho Hum! Think I'll bang my drum!

Read My Blog
http://sadsack.blogs.iva.co.uk/

[Adam Davies]

Hi Chiri
Your figures look good,as already suggested ask your IP for advice once you have the actual figure.
regards

Andy Davie
IVA.co.uk Spokesperson and site manager
(aka Neverending)

Please check out my blog: http://andydavie.blogs.iva.co.uk

View my profile here:
http://www.iva.co.uk/andy_davie_profile.asp

[MelanieGiles]

Hi Chiri

This is just a personal opinion from me, as one of the forum experts and I am sure that others will also have their own views, but do remember that a redundancy payment is compensation for loss of office - and that it may take you a while before you get a new job.

One thing I have done for several of my own clients, is set aside a sum of money from the redundancy settlement to cover your ongoing living expenses for the period that you anticipate you will be out of work. So long as this is properly explained within the proposal document, I am sure that your creditors will give your offer serious consideration.

Good luck and let us know how you get on!

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk

[MelanieGiles]

Hi Chiri

This is just a personal opinion from me, as one of the forum experts and I am sure that others will also have their own views, but do remember that a redundancy payment is compensation for loss of office - and that it may take you a while before you get a new job.

One thing I have done for several of my own clients, is set aside a sum of money from the redundancy settlement to cover your ongoing living expenses for the period that you anticipate you will be out of work. So long as this is properly explained within the proposal document, I am sure that your creditors will give your offer serious consideration.

Good luck and let us know how you get on!

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk