Hi. I'm half way through my IVA. I have been offered a voluntary redundancy package which if I take will result in a payment of around 36k. My outstanding IVA is around 45k. On the advice of my case worker I have already put in a F&F offer of £4200. The problem is, I will be notified 23 Feb if I've been accepted for redundancy, I then have 3 weeks to accept. If I accept, I will go on 3 months notice leaving 30 June, this is the date the monies will be paid. it is unlikely I'll have an outcome on F&F by 16 March. Therefore if the F&F is accepted, is it likely I would complete the IVA by end of June, or is there a risk I would have to pay the redundancy monies into the IVA. The truth is I would be using the monies to fund a change of career & start my own business. If it is likely I have to pay all the monies into the IVA, I would rather decline the redundancy as I would then be out of a job and with no monies. I know this is my decision and I think it would be too risky to accept the package without knowing the outcome of the F&F. However, any advice would be greatefully received. I'm so confused! Someone told me that even if the F&F is accepted the creditors could add a clause that any monies for the remainder of the IVA would need to be paid. Many thanks in advance for any help and advice.
There is no reason why this could not be dealt with before March and the full and final offer would have mentioned the threat of redundancy and exclude any possible payment. However if the variation has not been drafted yet you will know in a month whether you will get redundancy so the threat becomes reality.
If the meeting has already been called then you may be fine but if not there may be problems.
