At the moment there are VR packages offered at work. If accepted I could go in June with a payout of £7,800.
I have made 30 IVA payments. 10 @ £190 and 20 @ £280, and the original debt was £20,000 and the amount to pay was £16,800. So I work out I have just under £10,000 to pay which will come down to nearer £9000 once everything goes through.
Are the creditors likely to accept £7,800 as a final settlement? Especially since if compulsory redundancy comes along I wont get anywhere near as much and could end up jobless
All you can do is ask but it sounds a fair offer. The thing is obviously your redundancy should be used to fund your outgoings until you find another job.
If you find one quickly the redundancy will be most likely classed as a windfall and have to be handed over to your IP
Last edited by rayb on Fri Jan 09, 2009 12:36 pm, edited 1 time in total.
remember you will pay less fees also (2 years approx 3k)i would speak with your ip it seems a generous offer and could be lowered in my opinion to allow you some cash to tied you over till you find work
Please do remember that redundancy is a windfall which is already captured under your IVA. It is not yours to negotiate with, although you are allowed a reasonable period to use the payment to replace your lost income - generally for up to six months.
From a professional point of view, if at all possible in the current climate DO NOT make yourself voluntarily out of work - the current job market situation is bad and getting worse by the day - do you really want to be in this position - your redundancy payment should be used to support you in living costs whilst you find new work.
If you use it to fund a F&F, then don't find work - how are you going to manage to live ?
Sharing from experiences of dealing with debt
There is a solution for everyone .... Just need to stay positive !
Provided and only provided you are certain to get another job after you take your voluntary redundancy then the offer of that lump sum could be used to fund a full and final - worth discusing with your Supervisor (IP) but remember it is no fun to do that then be out of work with no income for a long period especially in todays economic climate with rising unemployment.
Regards, David Mond, Insolvency Practitioner for over 46 years. Personal Insolvency Practitioner of the year 2012, Personal Insolvency Practitioner of the year finalist 2013 & 2014 awarded by Insolvency & Rescue Magazine and 2015 finalist for Personal Insolvency Firm of the Year.
