I am being made redundant in June. Will this offer of settlement be acceptable ?

[Stephanie.h]

Hello i am being made redundant in june 15 the payout is 6 times my monthly wages which is £9600. I will have 27 months at £150 per month that time left in my IVA which totals £4050, what sort of offer should I be making ? do you think £2405 would be acceptable as what is left from redundancy would cover my house hold bills for 4 and a half months in that time im hoping to find a job.

the reason i need to get out og this IVA is I work for a bank and have done so for the past 10 years, I have looked at other jobs in the financial industry and all jobs require a credit score for future candidates which I will be rejected if I am still in this IVA

also my property has very minimal equity as I have a high mortgage of £155,000 and a house charge attached by legal aid services of £5000 which totals to £160,000 I also have another party who owns half of this property who dose not live at this address and he will not remortgage and it is unlikely in the present market I will be able to remortgage to release equity due to the high mortgage and having No job.

[Foggy]

HI. Redundancy money is captured by the IVA and would not be available for a full and final offer.

Check your paperwork. It normally stipulates what you are able to retain and what need to be paid in.

[Steven1001]

I thought if you were made redundant you were allowed to keep 6 months wages to look for another job?

[Adam Davies]

Hi

Yes that is usually correct, remember it is six months net pay that you can retain, not gross,so I think an offer would be acceptable

From the 2014 protocol

• Pay to the supervisor within 14 days of receipt of any redundancy payment any amount in excess of 6 months net take home pay (as set out at the last annual review date). If there is no amount in excess of 6 months net take home pay no payment is required;

Regards