Posted: Wed Oct 19, 2011 11:24 am
Hi everyone its been a while since i last posted and i apologise in advice if this is long winded.
basically we are 26 months into our IVA where we pay £711 a month. We have paid ££17,915 so far with 34 payments left at £711 = £24,174 over that time. My husband has just been notified that hes to be made redundant at the end of this month which has caused no end of distress. His redundancy package works out at £25,000 but we have been told that he will have to pay tax on his payment of notice which is £8900 so that will probably reduce it to around £22000 in all. We have notified Grant Thornton who are extremely busy and a specialist advisor is unable to speak to us until 11th November about a F&F settlement, so i would really appreciate any advice from the experts on here as to what figure we would be looking at for the settlement bearing in mind we then only have this money to live on until my husband can find another job. This is also a worry as his salary is currently £36,000 and jobs of that salary range are not exactly abundant with the country being in the financial mess its in at the moment. Having the IVA settled if possible would be a big relief as my husband could maybe then consider a role with less salary to give him a better chance of getting another job and therefore holding on to our home. We have the clause in our IVA that we would have to release equity in year 4 but at the moment our house is valued at £120,000 with a secured loan on it of £27,000 and our mortgage stands at £84,000. Sorry again for all the information but i would be able to sleep a bit better over the next couple of weeks if a) a F&F settlement would be possible and b) if we had a basic idea of what we would offer and what we would then have to live on until hubby gets another job god willing
basically we are 26 months into our IVA where we pay £711 a month. We have paid ££17,915 so far with 34 payments left at £711 = £24,174 over that time. My husband has just been notified that hes to be made redundant at the end of this month which has caused no end of distress. His redundancy package works out at £25,000 but we have been told that he will have to pay tax on his payment of notice which is £8900 so that will probably reduce it to around £22000 in all. We have notified Grant Thornton who are extremely busy and a specialist advisor is unable to speak to us until 11th November about a F&F settlement, so i would really appreciate any advice from the experts on here as to what figure we would be looking at for the settlement bearing in mind we then only have this money to live on until my husband can find another job. This is also a worry as his salary is currently £36,000 and jobs of that salary range are not exactly abundant with the country being in the financial mess its in at the moment. Having the IVA settled if possible would be a big relief as my husband could maybe then consider a role with less salary to give him a better chance of getting another job and therefore holding on to our home. We have the clause in our IVA that we would have to release equity in year 4 but at the moment our house is valued at £120,000 with a secured loan on it of £27,000 and our mortgage stands at £84,000. Sorry again for all the information but i would be able to sleep a bit better over the next couple of weeks if a) a F&F settlement would be possible and b) if we had a basic idea of what we would offer and what we would then have to live on until hubby gets another job god willing