Full and Final Settlement Offer

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gareth694

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Post by gareth694 » Wed Feb 21, 2018 4:16 pm
Today I’ve been put at risk of redundancy and I’m 5 months into my IVA. Over the 5 years the plan is to pay back £12300, I plan to offer £10000 as a full and final payment.

Do you think this is likely to be accepted?

I will eventually get a new job, but am worried it’s likely the salary will be a lot lower, therefore not being able to keep up with the agreed amount.

Foggy

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Post by Foggy » Wed Feb 21, 2018 4:43 pm
The amount seems to be a runner -- but, where is the money coming from ? If you are planning to use redundancy compensation, this is a no-go as the creditors are entitle to that anyway. If a third party gift then you will need to get your skates on as, as soon as you know the redundancy is happening and you have been served with notice the compensation will be due to the IVA, so you need to be clear of the IVA before that happens.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
Visit my blog here : http://foggy.blogs.iva.co.uk/

gareth694

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Post by gareth694 » Wed Feb 21, 2018 5:08 pm
Thanks for the reply.

If I were able to find a family member willing to lend me £10k and I pay them back with my redundancy money is that possible?

Do they look at your bank statements once the F&F settlement has been agreed?

Foggy

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Post by Foggy » Wed Feb 21, 2018 5:13 pm
gareth694 wrote:
Thanks for the reply.

If I were able to find a family member willing to lend me £10k and I pay them back with my redundancy money is that possible?

Do they look at your bank statements once the F&F settlement has been agreed?
As long as the timing is right. They will look at statements as part of the final review, if they are one of the firms that look at statements at all at review ( some don't).
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
Visit my blog here : http://foggy.blogs.iva.co.uk/

gareth694

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Joined: Wed Oct 04, 2017 6:13 pm

Post by gareth694 » Wed Feb 21, 2018 7:29 pm
Another thought, I’m going to be put on garden leave for 3 months, after this notice period my redundancy will be paid.

If I find another job within the 3 months notice I’ll then forfeit the redundancy, meaning it won’t be paid into my IVA.

It’s likely I won’t get another job on the same salary and just finding out my wife pregnant last week (not great timing to be made redundant!!) meaning I wouldn’t be able to afford the agreed monthly payments meaning my IVA could fail.

Would they not consider my redundancy of £10000 as F&F settlement if I consider not taking a job whilst on Garden leave, taking the redundancy?

Foggy

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Post by Foggy » Wed Feb 21, 2018 8:20 pm
gareth694 wrote:
Another thought, I’m going to be put on garden leave for 3 months, after this notice period my redundancy will be paid.

If I find another job within the 3 months notice I’ll then forfeit the redundancy, meaning it won’t be paid into my IVA.

It’s likely I won’t get another job on the same salary and just finding out my wife pregnant last week (not great timing to be made redundant!!) meaning I wouldn’t be able to afford the agreed monthly payments meaning my IVA could fail.

Would they not consider my redundancy of £10000 as F&F settlement if I consider not taking a job whilst on Garden leave, taking the redundancy?
You need to put this to your IP.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
Visit my blog here : http://foggy.blogs.iva.co.uk/
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