Lovely to receive a letter in the post rather than a discussion with your line manager!
The creditors may well accept the offer as your job may be at risk and their £13k with it. If your job wasn't at risk, it would be a little on the low side. Good luck!!
It is certainly worth putting that offer forward, especially in light of an uncertain financial future, the creditors might accept a guaranteed lump sum now, rather than "dribs and drabs" over the next 5 years or so.
Make it crystal clear that if ther offer is rejected you will not be accepting the voluntary severance. Also stress that there is a strict timescale to which they have to adhere.
Best of luck. Let us know how you get on.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
yes ...we didnt even know the letter was coming until the admin staff sneaked one out to someone and it eventually fell on my lap thats how we knew.
We were told no voluntary redundancies and no severance pay at a meeting then a week later a letter through the post..not the beginning i envisaged for the new year. Thanks for replying
The redundancy payment is a windfall which is captured under the terms of your IVA in any case, and surely offering it in its entirity to your creditors will leave you without income and unable to sign on for unemployment benefit. Is this a wise move in the circumstnaces?
You may be advised to use this to pay your normal bills for a few months while you look for further employment.
Most IPs will allow up to six months and if you manage to find a new job anything else will be paid across to your IVA.
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
hi, i wont claim unemployment benefit as i have a new partner who works and we have tax credits/child tax credits. i have a few interviews lined up so hopefully wont be out of work long. plus i have agency work. all the above is in my iva calculations. i will still be entitled to the tax credits but obviously my income will be low and monies for the creditors will be less. i am prepared to take severance pay but only in full and final settlement. will try and see what happens. i spoke to my iva company and after much debate have been told to put my offer in writing.
