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?
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
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
