full and final settlement

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stripy legs

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Post by stripy legs » Tue Apr 28, 2015 9:58 pm
I have been dismissed from my work due to medical grounds and have been paid a lump sum of my 3 months notice in my wages instead of me working it and therefore I am currently unemployed. Do I have to pay this into the iva as technically its not a windfall, overtime or a bonus and it is not classed as redundancy as my job is there just i am no longer fit enough to do it. Also do you think they would accept a full and final if I offer the amount that they would have received after 5 years if it all went to plan.[?]
 
 

lifenoteasy

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Post by lifenoteasy » Tue Apr 28, 2015 10:02 pm
Hi

Technically I think that it redundancy on the grounds of incapacity?

They may accept it as a full and final dependent on how long your IVA has been running for BUT you need to seek the advice of your IVA company.
IVA started March 2011, Completed March 2016 and certificate issued 11 days after final payment. It was not always easy but then some of the best decisions aren't.
 
 

Foggy

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Post by Foggy » Tue Apr 28, 2015 10:04 pm
If it were redundancy ( and I think it would be treated the same way) you are allowed to retain 6 months worth whilst looking for work.

In view of the circumstances for your job loss I would suggest a chat with your IP to work out a way forward. A full and final is one option, but, if you have been in the IVA for a while the creditors might, in the circumstances, entertain closing the IVA on payments made to date.
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 » Wed Apr 29, 2015 9:26 am
I agree with Foggy. The money will be used to fund living expenses and would likely disentitle you to benefits for three months. A full and final seems reasonable whether using third party funds or payments to date.
Michael Peoples | McCambridge Duffy Insolvency Practitioners
http://www.mccambridgeduffy.com
If you would like to talk to me about proposing an IVA or have any questions at all please visit www.mccambridgeduffy.com
 
 

stripy legs

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Post by stripy legs » Mon Jul 27, 2015 8:51 pm
full and final offer was accecpted in June and completion certificate received in July. This was one of the best things I have ever done. Thanks to step change I have a bright debt free future. Thanks everyone for all your advice of the last 3 years.
 
 

Foggy

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Post by Foggy » Mon Jul 27, 2015 9:14 pm
Congratulations Stripy legs :-) Great news.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
 
 

kallis3

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Post by kallis3 » Mon Jul 27, 2015 10:01 pm
Great news - congratulations!!
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
 
 

Shining

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Post by Shining » Tue Jul 28, 2015 8:10 am
Great news now onwards and upwards as they say. All the best for your debt free future.
IVA final payment left the bank on the 26th January 2013...looking forward to a debt free future.
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