Posted: Sat Nov 01, 2008 1:23 pm
There is a small possibilty that my husband will be offered redundancy soon as the office he works at is being re located.Will I be able to make a F&F with this or would the 50% thing apply? Thanks
His redundancy money is paid first and foremost as compensation for loss of salary, and therefore he will need to use that for such purpose until he finds another job. Obviously whilst this is ongoing, he will be able to maintain his IVA payments.
If he then does get another job in the meantime, the balance of any monies left would actually fall under the windfall provisions of the IVA.
If he wanted to take a gamble, it may be possible to use the redundancy money to offer a full and final settlement, but you would have to be pretty sure of his furture employment prospects, as this may well conclude the IVA early, but you still have to put food on the table.
Best to wait and see what happens, and also chat with your husband's own IP.