F&F what are the odds !?!

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Post by Debtfreedilema » Mon Jun 15, 2020 3:56 pm
Hello everyone long time listener first time caller.

I'm at odds at the minuet on what to do.

Quick basic brake down of my reasons for a F&F payment.
1. I'm at high risk of being made redundant. 25% of the work force are in for the chop. Possibly more to come.
2.Redundancy pay is only going to be statutory ( Around £2.5k)
3. If I'm not made redundant our earnings will go down. Still undetermined how much yet.
4. Even if I'm not made redundant I want to leave my job and re train. I currently spend 60% of my life away from home. Months at a time. It's having a big impact on my mental health as well as my home life. But doing this would mean I wouldn't be able to keep up the payments I now have in place.

I Currently pay £450 a month and have around 21 months left Or £9450

My wonderful new partner has offered me £7000 as a full and final payment.

I would love to get peoples opinion on this. Is it worth me doing. Would the above Circumstances have any mitigating affect on my chances ?

Thanks so much for your time guys. And keep the cracking information coming.


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Post by Foggy » Mon Jun 15, 2020 4:21 pm
Hi. The offer of £7k against payments of £9.4k is, on the face of it, a little light -- but .. I have seen lower offers accepted ( as well as better ones refused ! ). The mitigations you offer will help -- the potential redundancy will not see the creditors getting any of the payout, assuming you have the usual clauses, so they won't be rubbing their hands together over that. I would be inclined not to mention leaving the job voluntarily at this stage, as this is something within your control, rather than matters outside of your control.

Best of luck with both the job and with the offer.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014


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Post by Debtfreedilema » Mon Jun 15, 2020 5:24 pm
Thanks Foggy.

It's all she has to offer. Plus if I can still pay my monthly payments between. The gap shouldn't be so large.

Thanks for your input.

Lisa Thomas

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Post by Lisa Thomas » Tue Jun 16, 2020 1:05 pm
I would wait to see what happens with your employment/potential redundancy/reduction in income.

if your income is reduced and contributions reduced accordingly then the offer will be much more attractive.
I'm a licensed IP with 16+ yrs at Neville & Co covering the South West area. I have a YouTube channel with advisory videos on here: https://www.youtube.com/channel/UCMPTTu ... Z5k9ZcC2MA http://www.nevilleco.co.uk 01752 786800 Lisa@nevilleco.co.uk
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