Redundancy & Full and Final offer

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aerialfilming

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Post by aerialfilming » Tue Aug 18, 2020 7:12 pm
Hi

I am facing redundancies and have 17 months left on IVA (including 12 months in lieu of equity release). The easiest way to figure out the final offer is to check how much is left to pay using the current figures. 17 * £216 = £3672. If my redundancy payout will be higher than 6 months of normal income by for example £2000. Will it be included in my final offer or added to my final offer?

Foggy

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Post by Foggy » Tue Aug 18, 2020 7:56 pm
Redundancy compensation over the 6 months is added to the dividend to increase the amount the creditors would get and the remaining payments, upon which you base a F&F offer, would stay the same.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
http://foggy.blogs.iva.co.uk

aerialfilming

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Joined: Sat Aug 15, 2020 8:13 pm

Post by aerialfilming » Wed Aug 19, 2020 12:42 pm
Thank you Foogy.

Can I use the 6 months amount I can keep to make this offer?

Foggy

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Post by Foggy » Wed Aug 19, 2020 1:21 pm
Wed Aug 19, 2020 12:42 pmaerialfilming wrote:
Thank you Foogy.

Can I use the 6 months amount I can keep to make this offer?
I imagine so
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
http://foggy.blogs.iva.co.uk

aerialfilming

Posts: 6
Joined: Sat Aug 15, 2020 8:13 pm

Post by aerialfilming » Wed Aug 19, 2020 2:44 pm
One more question regarding Job Seeker Allowance. Do I have to pay this in full into IVA agreement or it is the supervisor discretion?

Foggy

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Post by Foggy » Wed Aug 19, 2020 5:03 pm
Currently there is a slight change in the way redundancy compensation is dealt with, but the meanings of the change are not clear and they are, I believe, discretionary ( https://www.gov.uk/government/publicati ... a-protocol ) --- so a frank chat with your IP would be in order to make sure you are both on the same page.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
http://foggy.blogs.iva.co.uk
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