Hi folks, in December I received a letter from my work stating that I was "in scope" and that from 1 April there would be a new structure and I would probably not have a job after that looking at the latest structure as I have not been slotted into a job. I was also told that there would be a voluntary early exit run for those not slotted in. I have taken a look at that as well and informed the IP of this option. If I take the voluntary ext I will get about £7000 more than if I wait around and force them to make me redundant. To my mind the voluntary is a better option as I could then offer a full and final equal to the amount I would pay over the next 12 months, which I think would be a good deal for the creditors. However, I worry that this willbe deemed a windfall by the IP (which it definitely is not), and would I then be able to find other employment (which will probably take a while) after paying a full and final with the redundancy money?
AND... sorry it goes on. I have also had another choice offered today of a voluntary transfer (which means they pay no transfer costs) to Devon. I don't mind moving, as I'd prefer to still be employed but the cost of moving will be rather large and I will lose my London weighting of £3,000 odd and so will my hubby.
I have mentioned all of this to the IP but as mentioned in a previous post, our relatioship manager has been move off our case and we now await the new one. In the meantime I have to make a decision by Friday!
Personally I would go for the transfer as you will still have a job and you can always renegotiate your IVA payments if you find you are falling short.
With redundancy you are usually allowed to keep up to six months worth to fund your normal payments while you seek further employment. Once you do then anything remaining has to be paid across. If you find it difficult to get further work then you can always ask for a payment break.
You can try and offer a full and final.
Hopefully one of the experts will be along to advise.
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
It's not as expensive to live in Devon as it is in the Smoke. (Not Plymouth by any chance !?). Pity about the time scale, otherwise you could have offered to take V.E on condition it was accepted as full and final, i.e no acceptance no V.E.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
The only problem with the voluntary redundancy is that there is no guarantee these days of finding further employment.
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
I'm not one of life's risk takers so would opt for voluntary redundancy. Particularly as there is no time to find out whether the VR would be accepted in full and final...it is the creditors right to claim this in addition to ongoing payments (even the six months Jan mentioned is discretionary). Whatever you decide must be the right decision for you...good luck x
I suppose it will depend on how much relocation costs are but a payment break could always help towards those. You will probably have to rent rather than buy anyway so that might help.
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
Had my interview for the voluntary transfer today and absolutely blew it! I have never prepared for an interview like I did for this one and it got me nowhere. I went completely blank!!! I am so depressed. After I fluffed the questions so badly I doubt they will even think for one second I would be an asset or worth transfering. I guess now I have to think about the VE. Will the creditors accept full and final payment or not.
I really hate my life at the moment....
Last edited by SharonOR on Thu Feb 03, 2011 7:40 pm, edited 1 time in total.
Foggy wrote:
It's not as expensive to live in Devon as it is in the Smoke. (Not Plymouth by any chance !?). Pity about the time scale, otherwise you could have offered to take V.E on condition it was accepted as full and final, i.e no acceptance no V.E.
I take it the people who did the interview know you anyway? You may find that they look at your record and decide you are a good bet.
When will you find out?
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
Hi - don't give up hope! You don't know yet how you did in the interview. If you don't get the transfer, then you can keep six months salary while you look for work and if you can't find anything it is possible the iva can be closed at this point with funds paid to date. There are still options open to you x
To Jan - no they don't never met them until yesterday. Will only know at the end of next week (will have chewed my nails to my elbows by then!)
I know one thing for sure - I will never prepare for an interview again. I usually just wing it - this time, because I was so eager to get the job, I did hours of prep and notes - too much methinks.
Hey ho - hubby (bless him)says if it's meant to be they won't even notice the fluff.... and anyway, he still loves me and if they don't take me they will be missing out [:I]
Last edited by SharonOR on Fri Feb 04, 2011 3:04 pm, edited 1 time in total.
Sharon -- in my (long time ago) interview with the Civil Service Commission I insulted one of the board members by adversely critisising a recent government initiative (well.... they DID ask for my opinion!) --- was then told it was HIS idea !!! I still got through though !
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
