Drop in salary won't meet payments. Will lump sum awarded be accepted as a F & F ?

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Stephendk3

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Post by Stephendk3 » Tue Feb 24, 2015 1:47 am
Hi all 5 months into iva paying 170 per month
just been demoted as part of tesco restructure
drop of 200 per month in salary which means wont meet payments
however will recieve 6000 lump sum as regards to demotion do you think creditors will accept this as full and final offer as my total payback over 5 years would be 10500
 
 

luluj

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Post by luluj » Tue Feb 24, 2015 5:39 am
I think it would be worth the offer .... they would be getting their money early.
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Foggy

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Post by Foggy » Tue Feb 24, 2015 7:49 am
I agree in the circumstances. However, they are probably entitled to have the compensation payment anyway, or at least a good chunk of it.

You need to have a word with your IP. It could be that, after the dust has settled, if they do take the payment into the IVA you could close on a payments to date basis.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
 
 

Michael Peoples

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Post by Michael Peoples » Tue Feb 24, 2015 9:36 am
I think this is a fair offer and while the return will decrease it was not your fault.
Michael Peoples | McCambridge Duffy Insolvency Practitioners
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