www.iva.co.uk

im looking in to offering a f&f on mine and hubby IVA's. reason is because hubby has been made redudant he does have another job to go to but it's less money a year.

so i pay £206 amonth and have left £6300 to pay into mine we are offering £4000 redundancy pay.

hubby pays £132 a month then when mine finished this was to go upto £338 a month he has approx £11000 to pay into his we are offering £7500 which is coming from my parents.

because on new job we only have £126 DI so hubby IVA would prob extend for another 12 months he is already doing a 72 month IVA.

so how long would it take to set up a F&F meeting as come 1st june we only have £126.00 DI and both IVA's are £338.00 amonth.

thanks

and also do you think offers are good enough to be accpetted

Given the change in income the the offers do seem fair. Have you spoken to your ip yet as they are best placed to advise on your own case as the have all the details.

Paul

I agree with Paul - you need to speak to your IP about this, hopefully they will be able to help you.

Hi sbusby2004,
Sorry to hear about hubby's redundancy althought he at least has a new job lined up. As far as I understand the Supervisor (IP) will look for all the redundancy money but I could stand to be corrected but I am not sure you can do the F&F in an IVA. Consult your IP and get advice from him/her

in previous thread I meant to say you can't do a F&F in an IVA

Did you mean with redundancy pay DST?

Your offers seem reasonable but it would make more sense for your husband to use his redundancy for his F&F and for you to use your parent's money for your own.

Agree with Michael - fingers crossed that you can a full and final agreed.

Is redundancy not classed as a windfall though, and therefore might be taken in its entirety?

Whatever you do, talk to your IP about it.

yes which ever way they want to word it in the proposal we will have £11,500 so will offer £4000 from parents to mine £4000 redundancy money to hubby pulls £3500 fom parents to hubbys too.

have spoken to IP she said we can offer redundancy money as F&F im just waiting for my parents to get back to me about the £7500.

because they will get more money this way hubby has 51 months left which would see £6426 paid in if they extend for a year they will get £7938 so would'nt it be better to take £7500 now and conclude IVA

i just wanted to know as well how long to takes to get a F&F meeting as from 1st june we only have £126 DI which is not enough for 1 IVA let alone both of them.

It should only take a day or two to issue a variation if your IP has all the info. It is a very straightforward procedure but your own IP will probably be able to give you a better answer.

hmmmm made me wonder about my fellas redundancy cuz i am the one with the iva not him will they want his redundancy money even though its nothing to do with me? we are not married but im the one with the iva not him xx

Your partner's redundancy money is his alone but if he wants to offer some as a settlement he can do this. Your creditors cannot take his money.

When we did our F&F offer we did this as one offer to stop both our IVA's - interlocking IVA's. It was accepted - third party funds were from my mum who did one letter for our IVA, and the inheritance was just in my name but went towards the F&F for both of us.

Surely the same would apply - add up both the outstanding debts, look the available funds for a F&F from the redundancy and parents offer and then decide on one final figure of an offer ?

Some redundancy money should be retained until your husband starts his new job as you will need general living expenses etc - but other than that it is likely to be used for a F&F offer.

Good luck