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Posted: Sun Feb 20, 2011 4:57 pm
by mrsbee
Hi
We finally got our IVA approved Dec last year and we couldn't have been happier - thank goodness we could finally see the chink of light at the end of the tunnel albeit a long way off. Anyway thanks to our wonderful new coalition government budget cuts for education my job is as good as gone :( The only problem being that my hubby is a stay at home Dad and so mine is the only income. At the moment we know it is coming but won't get the official notice until a week on Tuesday. Hopefully if I take voluntary (jump instead of being pushed if you like) then I am looking at possibly £10k payout we owe £30k in our IVA what would be our best option try and do a F&F? Confused, worried sick, unable to sleep - help! Oh forgot to say if I don't take the redundancy then my hours could be reduced from 30 to around 10 a week - there is no way we could live on that!
Thanks in advance

Posted: Sun Feb 20, 2011 5:19 pm
by Broke of London
Hi - if you took voluntary redundancy with those figures it doesn't give you a lot to live on and offer a F&F. Have a word with your IP tomorrow to put your mind at rest about the options open to you. It may be possible to take a payment break while you seek alternative employment. It's a horrible time and I wish you all the best for the announcement x

Posted: Sun Feb 20, 2011 6:16 pm
by kallis3
Hi Mrsbee,

So sorry to hear about the redundancy, not what you wanted to hear!

You can try for a full and final or you would be allowed to use some of the redundancy pay for up to six months to fund normal payments while you look for another job.

Could your hubby get employment if you stay at home?

You do need to seek the advice of your IP and see what solutions they can offer you.

Let us know how you get on.

Posted: Mon Feb 21, 2011 8:16 am
by mrsbee
Hi
Thanks for that. I can't really contact my IP until I know for definate what is happening at work as it is half term at the moment we won't know until next week, think Tue will be the day it is announced officially and how they want to play it, it could well be done as 'restructuring' and therefore we all have to reapply for our jobs :(
Hubby is looking for work but unforunately we live in one of highest hit areas for unemployment!
Will let you know what happens next week.
Thanks again

Posted: Mon Feb 21, 2011 8:35 am
by kallis3
Fingers crossed that you get good news next week mrsbee.

Posted: Mon Feb 21, 2011 10:33 pm
by stewpots
kallis3 wrote:

Hi Mrsbee,

So sorry to hear about the redundancy, not what you wanted to hear!

You can try for a full and final or you would be allowed to use some of the redundancy pay for up to six months to fund normal payments while you look for another job.

Could your hubby get employment if you stay at home?

You do need to seek the advice of your IP and see what solutions they can offer you.

Let us know how you get on.
If I have just started an IVA and was made redundant the last thing I would do is use redundancy pay to pay the IVA !

Food and clothing more important for me.

I would wait till I had a new job

Obvioulsy if your at month 59 maybe different

Posted: Mon Feb 21, 2011 10:47 pm
by kallis3
I'm afraid those are the rules stewpots. You are allowed to keep up to six months redundancy to fund normal payments while you look for further employment. Anything left has to be paid across.

Posted: Mon Apr 11, 2011 7:24 pm
by tulac
The money that get's carried across in VR; does that count against your original debts (100% owed) or is it additional money recovered?

Tula X

Posted: Mon Apr 11, 2011 7:29 pm
by kallis3
Any money paid across in redundancy goes towards your debts. If you can manage to pay 100p in the pound then great, otherwise it means that your creditors get a better dividend.

There is always the possibility that with that, and making your normal payments to your IVA, you may be able to pay off in full and end the IVA early.

Posted: Mon Apr 11, 2011 7:39 pm
by tulac
THAT is exactly what I wanted to hear Jan - thank you <smiles>.

Posted: Mon Apr 11, 2011 7:42 pm
by kallis3
You'll never pay back more than 100p in the pound plus fees.

Posted: Mon Apr 11, 2011 8:29 pm
by stewpots
kallis3 wrote:

I'm afraid those are the rules stewpots. You are allowed to keep up to six months redundancy to fund normal payments while you look for further employment. Anything left has to be paid across.
Nothing has to be paid across, you can choose to fail your IVA.

My IP couldn't find my details today , previous quote on a letter quoted wrong number.

They told me to go home and check number , it is different. couldn't find me re post code or name etc.

Hope to sort tomorrow hope haven't been paying someone elses IVA.

Posted: Mon Apr 11, 2011 8:34 pm
by kallis3
I certainly wouldn't let mine fail in order to keep redundancy pay - you're back to square one so what's the point?

Posted: Mon Apr 11, 2011 8:44 pm
by stewpots
kallis3 wrote:

I certainly wouldn't let mine fail in order to keep redundancy pay - you're back to square one so what's the point?
Keep your house ? Depends on your circumstances.

1 month or 59 months into an IVA.

Unfortunately in the current market people just dont walk into other jobs.

My kids would become first before MBNA but depends on lots of factors.

Its not black/white

Posted: Mon Apr 11, 2011 10:42 pm
by Broke of London
Hi Stewpots, I hope you get your account sorted out! It's crazy they can't identify it from any of the details you gave. Your payments will only have gone to your account though. Hopefully you'll get to speak to someone more on the ball tomorrow x