I am after some forum members/experts advice please.......
I have been in my IVA for only 7 months and currently paying £390pm with a total agreed amount to pay back over 5 years of around £23,000 (Original debt £35k). Total payed in so far being £2730!
I have recently found out that I will be made redundant in February which was first rumoured back in December. I have been told I will recieve about £16,000 in redundancy payment + £4000 in notice period as I have been with the company for about 12 years. So about £20,000 in total.
I have a chance of a new job coming off in the next 2-3 months but unfortunatly I will have to start with a reduction in salary of about £4500k which would seriously mean I wouldn't be able to continue with my IVA payments if all my money (redundancy+ notice) was taken as a windfall if I accepted the job.
I know that redundancy payments are normally classed as a windfall and thats pretty much what is in my contract, would I be able to offer a F&F to my creditors (with as much redundancy and notice period as i can afford) due to my circumstances changing drasticaly? With the current job market, it is highly unlikely that I will be able to earn my current salary again anytime soon, meaning my IVA would probably fail if not........
I rent and dont have any assets apart from a car worth about £3500!
Hi and welcome I would talk direcctly with your IP for case specific advice but do offer this suggestion as a solution. Others in a similar situation may be able to offer advice to you, all the best and hope the new employment works out well for you x
IVA final payment left the bank on the 26th January 2013...looking forward to a debt free future.
Its one to discuss with your IP but creditors may choose to have their cake and eat it,meaning they may want some of the redundancy money(you usually get to keep up to 6 months worth of living expenses unless you find a job sooner),and expect your IVA to continue even if they have to reduce your payments.
It is of course always worth trying to see if creditors would accept a lump sum payment from your redundancy to end things now,if you dont ask you wont know.
Paul
Discharged today the 8th feb 2012. View is much brighter now.
Continuing to rebuild our credit worthiness.
I wanted to get some idea and others views of the situation before I speak to my IP about it.
I was hoping that due to my circumstances, no assets and not a home owner able to release equity, that I may be able to offer the full and final as close to the original agreed amount.
Especially if I take the lower paid job, there is no way I could carry on making IVA payments.
Anybody else been in a similar situation with Redundancy? Just looking for impartial advice please guys [:D]
MrBlack from what you have said this new job isn't a certainty it's a possibility therefore I would not factor that into your variation full and final proposal. If you did factor it in and they refused the full and final with the hope they get some of the redundancy and continued payments they probably will go for that.
It's a large redundancy offer so I would put it forward saying can you accept this as a full and final as I am redundant and with the current job market, jobs not looking hopeful etc and see what they say. You might not get this job in 3 months for all you know so don't put it into the equation.
I agree with Daveyboi, go with what you know, not what might be. As Plasticdaft says, they might want the cake and eat it, so best not to put that idea in their sights.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
Do you know what that didn't really cross my mind. As you said it is only a possibility and not set in stone. Something to think about
What you guys are saying makes sense and as I have said in my earlier post, the job market is rubbish and I think I am really going to struggle to find something on or near my current wage.
not sure which direction to take and what i will need to do to put a 'full and final' proposal together?
Does anybody think what I am offering would be enough, especially if i am out of work and not likely to get a job on the same wage or near it for a long while due to the current job market?
Do I need to alk to my case supervisor or my IP. Not sure whether they would just dismiss it?
Hey Mr Black
I know two people who were made redundant whilst in iva. They offered a large portion of their redundancy as a full and final and it was accepted in both cases. Stay positive.
Speak to your IP and they should be able to advise you. You should be able to keep up to six months worth of redundancy pay to fund your normal bills while you look for another job so if this other one doesn't pan out you could get a bit of breathing space.
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
