I am already in an IVA but I am wanting to offer a full and final to my creditors. If I am going to offer this does anybody know what documents i will need along with proof of where the money is coming from (lump sum redundancy payment) and a letter confiming my wish and the reasons why I want/need to offer a F&F.
What else would I need? Bank statements? Payslips?
Hi Jay - normally redundancy payments are paid into the IVA pot (less up to 6 months of your normal take home pay to tide you over until you can secure a new job).
Do you have any other reasons why you would want the IVA to end early? I am taking ill health retirement at the age of 47 so have asked for part of my lump sum be taken as a f&f offer as I will no longer be able to work or make payments to the IVA.
I think you'll need to speak to your IP to see if they think that it's viable to put forward a f&f in your circs.
I realise this about the 6 months redundancy pay. This is in my contract.
However, the Redundancy payment i will be recieving is a substantial amount of money. I would be able to offer around the original agreed dividend of £23,000 minus the £3000 I have already paid over the last 7 months, so around £20,000 I can offer.
With the current job market, and not believing I am going to get a job on the same salary for what I do I was hoping to offer a full and final at the original agreed dividend.
It is worth a try - but do bear in mind that your creditors are entitled to receive your redundancy settlement in any case under the windfall provisions.
