Impact of Voluntary Exit package

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Anders

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Post by Anders » Wed Feb 04, 2015 11:08 am
Hi again, another question! I have recently applied for a F&F and am awaitng for the variation to be drafted and creditors meeting arranged. However, since then, some 'voluntary exit packages' have become available in work (I'm a civil servant). This is something I would have to apply for and there is no guarantee of acceptance. The terms of the package would be to pay 1 months salary for each year worked, capped at 21 months. I would get the full amount as worked 25 years, so we're looking at around £36k after tax. Is it correct that I would have to pay it all into the IVA (the outstanding balance on my IVA is more than this amount), bar 6 months salary? If I took the package, I would be looking at using the money to set up in self employment, so couldn't do it if I had to pay it all in. I was hoping the 10%, then 50/50 rule would apply? Unfortunately, due to the tight deadlines of the package, there is no way my F&F final outcome and if successful, CC would be received before the money has been paid (due to be paid end of June). Payplan currently have backlogs for F&F, so are estimating months rather than weeks. Sods law would be I have to turn down the package (if offered) and then the F&F gets accepted, but that's life I guess! Grateful for any advice, although I think I already know the answer, but worth checking. Thanks again.
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