www.iva.co.uk

Hi. Some advice please re: F&F offer to Pay Plan - I am preparing my offer letter. Solicitor secured compensation settlement & redundancy package for me = £28,921.00 net redundancy, £5,019.19 net in lieu of 12 weeks notice, £681.44 net holiday pay, & £4,000.00 compensation - injury to feelings. Had to go for the redundancy,as they would eventually dismissed me for Capability due to sickness. Didn't want IVA to fail(36 months into it)= bankruptcy/lose home. I have chronic physical and mental health conditions - still receiving treatment; nearly 50;current job market = unlikely to get/be able to work f/t, & won't ever earn what I used to. I am desperately worried that all of these funds will be taken off me, and I will lose everything anyway. Can anyone suggest what might be a good offer to my IP? I've paid £7,278 of £11,400 (22%). Original £30,390. Equity clause in month 54, but there is none & unlikely to be £5,000 by next Sept.

Hi GilliB,

Sorry to hear how things have gone and I hope you do make a full recovery.

You should definitely offer as close to the original dividend as possible and make sure you explain everything about your condition and that you are unlikely to be able to get another job so you will need some of this payout to help fund you whilst you get yourself sorted.

Hopefully one of the experts can help further as I'm not really sure on this one.

Thanks Kallis3. I've been up all night and feel shattered. I can't switch off from it and keep thinking I'll end up losing my home. I had to accept the package as work would have 'binned me off', and I didn't want my IVA to fail. Hope someone who's been through similar/an expert can offer some advice soon.

I hope so, or that one of our experts can pick up on this and advise.

Hi GilliB - sorry to read what an awful time you have had and are still having. you will not be expected to give it all over - I would think it would be reasonable to offer the difference to make it up to 22p/£ if that was your original offer and you keep the rest to support you through your treatment as it is not going to be a quick process by the sounds of things. Payplan need to get onto this as quickly as possible and get you the best result they can to minimise anymore stress and worry on you which will not be helping your state of mind.

I hope you are getting good support from your GP and mental health services as well to help you through this difficult time - please let us know how you get on and pop on here for support whenever you need it.

Hi GilliB,

I was in the first year of my IVA when I had to retire due to ill health in my mid 50's so I empathise with you.

Using the redundancy money and taking some of my pension funding as a lump sum I was able to offer 40p per £1 instead of the 45p per £1 and it was accepted. (I seem to remember the offer had to be better than bankruptcy as well, which is the case with an IVA anyway I believe).

This was in the first year though so they all got the money very early.

As has already been said make sure you let them know your whole health/job situation.

My IP was great in leading me through this horrible situation.

Good luck, I really hope you have a successful outcome.

Hi GilliB, speak it through with your case officer and they can let you know what your best options are. If you would like me to look into anything for you then please let me know

Gemma.

Hi All. I've not been well, so have only just got back here. I'm overwhelmed by your kind, thoughtful and helpful responses. I'm just waiting for the final confirmation letter from work, and I'll send everything off immediately. I've finished my offer letter, and provided as much detail as possible & evidence of medical conditions etc. I definitely want to repay at the 22 in £ rate, and am still working through figures to see if I could afford even more, as I think my original agreement was very fair, and I've always done my best to pay in as much as possible. Again, thank you so much. I'll keep you updated.

Fingers crossed Gillib, hope it works out ok for you and keep.us posted.

Hope you feel better soon.

I hope Payplan do their very best for you GilliB and although tis great you want to try and pay more please don't leave yourself short moving forward asn you need to make sure you have money to live of for however many months it will take to get you back on top and ready to get on with things again in whatever way you can.

You have lots of support on here and we all wish you well

Hi. Thanks all. I will definitely post back to keep you updated.

Hi all.just to update you. I sent everything off to Payplan yesterday re: my F&F proposal. My CO emailed to confirm receipt/action moving forward. Always really helpful and approachable, which at least put me at ease. Also got hospital admission confirmed today for 25/4 for chronic insomnia. If my F&F is accepted, it may help with sleep problems. Support received here helped hugely.