3 years in... and now update with good news!!

[Neverguess]

OK, there are now more developments!!

I've just been on the phone crying to my ex-employer and although I was made redundant he is...sorry was, a good boss.

So now after trying to find out what I am going to get paid.

I am shocked....he has said £8000.00!!! Work obviously didn't know about my IVA but I broke down and told him everything. He's trying to help me as much as he can and I am in shock!!

So now, I'm in another dilemma!!

I need money to live on until I get a job but am in a better position to offer more money for full and final settlement.

I have a proposed variation in front of me which says I have £24049 available for distribution. I need to establish if this is what is to date of what I have paid, but my my sketchy calculations it is.

It says my debts are £340000 approx.

So bearing in mind what I need to live on until I get a new job, what is a fair amount to offer?

I am shaking and crying and don't know what to do for the best!! God this is all so messy!

If I offer half - £4000.00 is that fair? I would have paid £280000. I don't want to be left with nothing to live on and don't know what to do???

Please advise if you can.

I am in shock, don't believe the money offer until I have it in my bank obviously but I am scared I'll be left with nothing to live on.

The last time I was unemployed about 5 years ago it took me over 7 months to get a job.

I'm a mess today!! Sorry for rambling!

[MelanieGiles]

First of all redundancy money is not a windfall but compensation for loss of office. I personally would use the money until you find alterntaive work - of course you will need to maintain IVA payments in the meantime. If you offer up some of the redundancy money in full and final settlement, and then you do not get a job for while this will undoubtedly leave you with financial hardship. Concluding the IVA is the lowest priority at the moment in my opinion.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

Appoint me as your IP:
http://www.melaniegiles.com/ivaEnquiry.asp

[Neverguess]

Even if I can offer £4000.00? Do the figure not sound good??

[Neverguess]

And thank you Melanie, sorry, feeling to battered to remember my manners

[MelanieGiles]

You will have to be certain that you will find work before the remaining £4,000 is absorbed by ongoing living costs. How confident are you of doing this, bearing in mind your previous experience of unemployment?

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

Appoint me as your IP:
http://www.melaniegiles.com/ivaEnquiry.asp

[Neverguess]

That's what scares me but I'll never be in a position to have this money again and would have less stress about getting a job as it's one left bill to pay.

The money I am left with would stretch further if I didn't have the IVA.

Plus I have slim to none chance of earning the same money, so I'd need another variation on any new job and they would get less than they are now.

What's the longest they can extend the IVA to. I have already had 4 months added due to a housemate moving out and me having to pay back the same dividend.

[MelanieGiles]

If you are offering a one off full and final settlement, there ought to be no need to extend the term.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

Appoint me as your IP:
http://www.melaniegiles.com/ivaEnquiry.asp

[Neverguess]

Sorry Melanie. I'm asking 20 different questions at once.

I can't even think of what my reasons were for asking now

Thanks anyway. I've emailed them to ask for a suggested figure to see if they can advise me in anyway of an amount.

[Neverguess]

I can't wait to use this great site to post some good news, just for once and not be asking for help

[Neverguess]

Hi all,

I'm back many months later to update with good news!!

My F&F was accepted and I made a final payment last October, debt free at last!!!!!!!!!!!

I have had to wait until today to get my certificate, long time I know!! They kept fobbing me off and saying it will be another month. But I'm just so happy to have it all sorted finally!!!

So now I have a letter saying I've finished, do I have to wait another 3 months for them to update the register?? Should I be doing anything to get things rolling??

I'm so grateful to this site for all it's help, it's so valuable to so many people. Thanks you all who helped.

Keep up the good work guys xxxx

[aguise]

Thats great never guess well done.

Ang x

[MelanieGiles]

They will update the register at the same time as they provided you with your certificate, so you should drop off in the next couple of days.

[Neverguess]

Thanks guys.

This may sound silly....but what should it look like? I just seem to have letters sent to me.....not an actual certificate? Is that right?

NG x

[MelanieGiles]

You should have been given a Certificate of Due Completion. The format of these will differ from firm to firm, but if you don't feel you have received the right documents then contact your IP for clarifacation.

[Soulgrowth]

Great news! I hope that I will be able to report a similar conclusion in the not too distant future ... please keep your fingers crossed everyone [:)]

Debbie