I am 59 and concerned about redundancy

[muhitul]

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.

[Lisa2009]

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

[Shining]

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.