Hi all heres some figures for you to look at.

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voyger02

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Post by voyger02 » Fri Aug 06, 2010 1:08 pm
Hi all heres some figures for you to look at.
I have paid 15816k in to my iva, my payments are now 564 pm I still owe 9372k have just lost my job and am getting 8k there is 20 k equity in the house,cant see me getting anouther job earning what I was earning any one out there think if I offer the 8k as full and finale they would take it or should I use the 8k to keep makig payments and hope I get a job before it runs out, witts end.
 
 

Michael Peoples

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Post by Michael Peoples » Fri Aug 06, 2010 1:18 pm
You can normally keep up to six months living expenses from your redundancy payment while you seek other work. If however, you find a lower paid job or you can still meet your living expenses from your partner's earnings, it is highly likely that creditors would accept the £8,000 as full and final settlement.
Michael Peoples | McCambridge Duffy Insolvency Practitioners
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If you would like to talk to me about proposing an IVA or have any questions at all please visit www.mccambridgeduffy.com
 
 

voyger02

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Post by voyger02 » Fri Aug 06, 2010 1:46 pm
We are both out of work now but my partner should be able to find something but probably only for about half of what they were earning. Family will also help to some extent with our living expenses as and when required. So does it make a difference if both of us are not working. Do you mean that if we are both unemployed they are more likely to make us sell the house. By the way, in addition to the 9372 outstanding they were looking for 85% of the equity or 18716 which ever is the greater. I am also unsure if the iva carries on how we would ever be able to raise that money as we will never be able to get a mortgage or loan again Thanks
 
 

Michael Peoples

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Post by Michael Peoples » Fri Aug 06, 2010 2:03 pm
You have shown commitment to the IVA and intention to repay. The fact that you are unempoloyed through no fault of your own will be taken into account by creditors and I believe that they would accept the £8,000 as full and final and forget about the house.

If your family can then get by on one wage, benefits and family help you would at least be debt free and the family home safe. Have a word with your IP and hopefully creditors accept the full and final.
Michael Peoples | McCambridge Duffy Insolvency Practitioners
http://www.mccambridgeduffy.com
If you would like to talk to me about proposing an IVA or have any questions at all please visit www.mccambridgeduffy.com
 
 

MelanieGiles

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Post by MelanieGiles » Sat Aug 07, 2010 6:49 pm
Just be careful about using the £8k to offer a full and final settlement - you may well need that money to keep you going whilst you look for a job. At the end of the day creditors may well be able to agree to receiving the payments you have made to date in full and final settlement.
Regards, Melanie Giles, Insolvency Practitioner
 
 

voyger02

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Post by voyger02 » Mon Aug 09, 2010 11:09 am
Thanks Melanie do you think I should ring my I P and tell them what has happened and ask what my options are?
 
 

plasticdaft

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Post by plasticdaft » Mon Aug 09, 2010 3:53 pm
yes contact your IP and see what they say.

paul
Discharged today the 8th feb 2012. View is much brighter now.
Continuing to rebuild our credit worthiness.
 
 

MelanieGiles

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Post by MelanieGiles » Tue Aug 10, 2010 1:26 am
I most definately agree with ongoing communication with your IP on this matter.
Regards, Melanie Giles, Insolvency Practitioner
 
 

voyger02

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Post by voyger02 » Wed Aug 25, 2010 11:26 am
Hi all.have just made a full and finale to my ip and have just been told over the phone it will take 6 weeks before i here anything, is that the norm? I am taking my ex employer to tribunal for redundancy monies and they have offered to settle out of court. Does this money, if we can agree on a figure, come off the debt or is it just classed as a bonus - which I feel would be unfair. And would this be taken into consideration with the full and final offer?
 
 

IRHR

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Post by IRHR » Wed Aug 25, 2010 1:07 pm
Is the tribunal settlment figure your redundancy entitlement i.e. the £8k or is it on top of this?
 
 

voyger02

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Post by voyger02 » Wed Aug 25, 2010 1:20 pm
The tribunal figure will be the redundancy pay out, so its on top
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