www.iva.co.uk

Hello everyone, I have been reading along for a long time and have found out some really useful info along the way. I hope you will be able to help me with a few questions I have. Sorry, if i go on a bit!

Me & my husband have been in an interlocking IVA since Oct 2009 and all has been going well. We had approx £55,000 of debt at the start and initially paid £260 per month but this was reduced last year by 15% to £221 due to the loss of our child tax credits. We have paid in approx £11,000 in total due to bonuses received over the last couple of years.

I am being made redundant at the end of Feb after almost 24 years service, which I'm absolutely gutted about. However, I will be receiving a very nice redundancy payout of just over £22,000, which I believe has to be paid over as a windfall.

Does anyone know if I am able at this stage to offer this or part of this as a f&f offer?

I am searching for new jobs but as I have always worked in financial services I am unable to look for jobs in this field due to the dreaded credit check (don't get me started on that one!) so I am looking for other admin work but the pay is nowhere near what I currently earn so I think if I manage to get a new job we will struggle to continue to pay into our IVA.

I know I am able to keep upto 6 months pay out of my redundancy whilst I look for a new job but I'm really getting worried about it all now. What happens if at the end of 6 months I don't have a job or if I get a job on lower pay?

Can anyone please offer me any advice on whether you think I would be able to offer a f&f now or do I have to wait and then pay it all over?

My head's all over the place at the moment!

I'll be very grateful for any advice you can give x

Hi

I think if you are out of work or in a lower paid job meaning that you have little or no disposable income your creditors will accept the balance of your redundancy as full and final payment and conclude your IVA

Chat through with your IP and good luck

Regards

Hi Hopeful - welcome to the forum.

As Andy said, there's no harm in trying for a full and final. I would list all the reasons why this should be accepted (those you have given above and anything else you can think of).

I am in the process of preparing a full and final offer at present and have asked to keep 50% of my lump sum payment which comes with my ill health pension. My IP has been very helpful in suggesting things that I hadn't even thought of which when listed together with my items, comes to more than 50%.

At the end of the day, if your reasoning is sound and the creditors are receiving the money now instead of waiting almost another 3 years, they will give it some serious thought

I agree see if your IP will put it forward for you and good luck.

Hi hopeful i would make a offer of around £8000 to start the ball rolling to see if your Ip would be prepared to put it forward to creditors for you.It depends on the terms of your iva,equity clause etc.But i think it could be a good starting point to get your IP on board which is crucial to get a final settlement accepted.

Good luck from me as well - hope you can get a full and final accepted. Keep us informed.

Thanks everyone for your input, it really is appreciated.

I will speak with my IP and see what they suggest. It's definitely worth a try!

I'll keep you all informed on how I get on.

Thanks again x

Hi Hopeful71,

I was made redundant last summer and was just over 2 years into my IVA. My full and final payment was the calculated on the balance I had left to pay, presuming my payments stayed the same til the end.

Although a big chunk of my redundancy went to my creditors the relief was amazing !

finisgers crossed for you xx