Well yesterday was my creditors meeting and they all accepted the 10k F&F offer, and I have it in writing so I can move on, thank you very much for all your advice, it was so helpful

I'll update here with my outcome

I will indeed, I'll request it in an e-mail, cheers Kallis

I have spoken to my IP now, he said that 10k is a very reasonable offer given my circumstances, that if it is agreed I will be able to draw a lump sum from the pension and keep it, and that he can get an answer from them in plenty of time for me to decide on the lump sum, he did kind of put me at ea...

Thanks Lisa, I have written to them and offered 10k, I have considered your option of taking the lump sum and offering 20k and is still a consideration, i'll wait and see what they respond with but they seem to be dragging their feet. What is a reasonable amount of time that this can take? I only ha...

I can take a lup sum of around 26k, if I don't take it my pension would be £100 per month more. I will get advice but I think my plan would be to offer the 10k with a stipulation that they can't touch any lump sum, if they decline then I keep the 10k and take no lump sum, but they get nothing. I don...

But surely I would kind of have the upper hand, as in, if they don't accept 11k for example, I will not take a lump sum from my pension so they won't get any of that, and they will not be able to have any of the redundancy because it's much less than 6 months pay, what would/could they do in this si...

Thanks Foggy, that's kind of what I expected, I think as Lisa said, I should get specialist advice, does anyone know of a good advisor on this subject, I live in Chelmsford, Essex

Thanks Lisa, that gives food for thought, I don't have a choice to draw the pension but, I guess I do have a choice whether to take a lump sum or not. I will have £11,500 redundancy pay, if they would accept that as F&F now for example, verbally on the phone or by e-mail, then I take a lump sum in a...

Another question, being 63 years old and being made redundant, I'm told by my pension people that I will have to draw my pension on my last day of employment, If I take a tax free lump sum from that pension is that considered to be an unexpected windfall therefore go to the IVA?

That's good advice, thanks guys, I thought it worth asking about writing the debt off but I'm not surprised to hear otherwise. The likelihood of me finding another job given my age and medical condition is very low so, I would probably make an offer of 8 to 10k. The 6 month clause is in my agreement...

I am 21 months into my 5 year IVA, I pay £600 per month, I'm being made redundant at age 63 years so unlikely to get another job, my redundancy pay will be £11,500 (15 weeks pay), I want to know what would be a reasonable F&F offer, or could I ask for the debt to be written of?

To be clear: (My understanding) You are allowed to keep the equivalent amount of 6 months salary from your redundancy compensation, with which to live and continue paying the IVA monthly. The creditors WILL get the rest. If there is a likelyhood of you gaining new employment, the IVA will continue ...

kallis3 wrote:

Once you have completed your pension is safe.

That's great, thanks for your help guys

You could offer the remaining balance of the redundancy money to offer an F&F to vary and finish the IVA early, on the basis there will be no dividend to creditors if Bankruptcy ensues but that will depend on your circumstances/assets etc. Thanks Lisa, I did read somewhere about the 'offer' option ...