lost my job

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floridaholiday
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by floridaholiday » Thu Jan 21, 2010 10:56 am
About to offer a full and final on what we have already paid, plus another six months payments, due to lack of work, increased expenditure. Just had a phone call from my boss telling me that he is closing the business down. I will not get any redundancy money. We have paid £6347.00 so far out of the £15960.00 agreed, we will not be able to now afford the other six payments, what can we do any advise please.

 

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Michael Peoples
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by Michael Peoples » Thu Jan 21, 2010 11:06 am
Sorry to hear about your job loss and hopefully things will pick up.If you are entitled to any redundancy pay and your boss is not able to pay it you can recover this from the government scheme. If you have not worked there long enough you will have to try and get the creditors to accept what has been paid to date or at worst get a payment holiday. Otherwise bankruptcy may be the only realistic option but you should immediately contact your IP and see what they recommend.

 

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floridaholiday
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by floridaholiday » Thu Jan 21, 2010 11:14 am
Thanks Michael I am not entitled to redundancy money. I do not want to go bankrupt, do you think there is a chance they may accept what we have paid. They can not force bankruptcy on us can they.

 

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Michael Peoples
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by Michael Peoples » Thu Jan 21, 2010 11:21 am
It is highly unlikely that they would petition for bankruptcy. They may agree to a payment holiday if the funds are not enough for closure otherwise they will ask for the IVAs to be terminated. This will put you back to square one and you could make token payments until your situation improves. I would try the full and final and if rejected try for a payment holiday. This at least leaves you protected from creditors while you try and find work.

 

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floridaholiday
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by floridaholiday » Thu Jan 21, 2010 12:21 pm
If I offer and full and final, do you have to carry on with payments until you get an answer. I do not know how long it takes for it all to be processed and agreed/or not.

 

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floridaholiday
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by floridaholiday » Thu Jan 21, 2010 3:36 pm
I sent an e-mail this morning to GT informing them of my situation, have not yet had a reply. I am getting worried as our payment is due out of our bank on Tuesday, can not now afford this. If I was to cancel the direct debit would I get into trouble

 

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Michael Peoples
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by Michael Peoples » Thu Jan 21, 2010 4:04 pm
If you do not have the money you cannot pay it. Send another email to GT explaining that you do not have sufficient funds to pay this month and you have had to cancel the DD rather than incur charges. It seems pointless at this stage to pay money you do not have.

 

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floridaholiday
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by floridaholiday » Thu Jan 21, 2010 4:11 pm
Just phoned GT, they are going to put forward and full and final for us, somebody phoning me tommorrow. In the meantime we are having a 3 month payment break. I feel a bit better now.

 

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animaleyes76
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by animaleyes76 » Thu Jan 21, 2010 4:19 pm
Fingers crossed for you. Always a bad time when stuff like this happens, especially in an IVA. :)

 

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Simbel
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by Simbel » Thu Jan 21, 2010 5:02 pm
Good luck from me as well.

 

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briggadeen
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by briggadeen » Thu Jan 21, 2010 6:26 pm
Sorry to hear your news. And I hope your IP sorts something out for you xo

 

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kallis3
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by kallis3 » Thu Jan 21, 2010 6:30 pm
Good luck, hope you get it sorted.

 

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rayb
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by rayb » Fri Jan 22, 2010 8:27 am
Hi,

Best of luck with this and I hope they conclude the arrangement with what you have paid in already.
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