I am 59 and concerned about redundancy

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Post by muhitul » Fri Jul 16, 2010 11:12 pm
I am 59 years old and am concerned that I may be made redundant. If I am made redundant my employers will have to give me 6 months notice after that time I will loose my monthly net earning of approximately £4800.00.

Both my wife and I had mortgage and secured loan totalling approximately £216,000 and current market value of house will be about the same.

I have unsecured debt of approximately £90000.00. I have a pension policy to be matured in early March and the projected tax free lump sum I expect to be receive will be in the region of £65,000.00 plus a pension £9000.00 p.a.

If I am made redundant I would like to come into agreement with the creditors from the proceed of the lump sum of the pension policy and would appreciate any advice.


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Post by Lisa2009 » Fri Jul 16, 2010 11:33 pm
Hi and welcome.

I am assuming you are not already in an IVA and are looking to do a full and final lump sum IVA?

It is possible and usually quite favourable as creditors get some money back sooner rather than later.

take a look at www.iva.com where there is a list of IVA providers and reviews on each. Give 2 or 3 a call for some free advice on what to do next.

Good luck
http://mrsskint.blogs.iva.co.uk/ 'Our Story'

Nil carborundum illegitimi


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Post by Shining » Sat Jul 17, 2010 5:42 am
Welcome to the forum from myself too.

A great link above from Lisa and our professionals who post on the forum also come highly recommended and can be found via the experts link.
IVA final payment left the bank on the 26th January 2013...looking forward to a debt free future.
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