Worried about IVA and redundancy

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Steeddie
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by Steeddie » Thu May 18, 2017 10:00 pm
Hi guys,
I have recently been thinking about looking to offer a F & F offer to Finnish my IVA soon by lending money off my pearents.

Now that may I've been blown out of the water I could be at risk of redundancy.
What options do I have my IVA should end Jan plus any equity clause.

What options do I have I could volunteer and end up with about 15k or if I don't and go anyway I would get 8k.

I know it should be paid in to the IVA. Could I could I request a F & F offer and and I live off the remainder until I get a new job.

Please help I'm so stressed with all this it seems to be one thing after another this IVA has been so hard work.
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Lisa Thomas
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by Lisa Thomas » Fri May 19, 2017 8:13 am
Hi

You normally get to keep 6 months worth of redundancy so if you find new employment quickly could use this to make the F&F offer.

Check the equity position to establish whether the 12 month extension is going to apply to you failing which if it will finish in January it might not be worth trying to close the IVA down early.

Keep your IP informed of what's happened.

Worst case scenario you could always ask for a payment break and extend your IVA whilst you get back on your feet. Hopefully this won't be necessary with redundancy money.
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Steeddie
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by Steeddie » Fri May 19, 2017 10:52 am
Lisa Thomas wrote:
Hi

You normally get to keep 6 months worth of redundancy so if you find new employment quickly could use this to make the F&F offer.

Check the equity position to establish whether the 12 month extension is going to apply to you failing which if it will finish in January it might not be worth trying to close the IVA down early.

Keep your IP informed of what's happened.

Worst case scenario you could always ask for a payment break and extend your IVA whilst you get back on your feet. Hopefully this won't be necessary with redundancy money.



Thank you it just seems to be one thing after another lately.

I will speak to my IP as soon as possible
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Steeddie
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by Steeddie » Fri May 19, 2017 12:40 pm
Steeddie wrote:
Lisa Thomas wrote:
Hi

You normally get to keep 6 months worth of redundancy so if you find new employment quickly could use this to make the F&F offer.

Check the equity position to establish whether the 12 month extension is going to apply to you failing which if it will finish in January it might not be worth trying to close the IVA down early.

Keep your IP informed of what's happened.

Worst case scenario you could always ask for a payment break and extend your IVA whilst you get back on your feet. Hopefully this won't be necessary with redundancy money.



Thank you it just seems to be one thing after another lately.

I will speak to my IP as soon as possible


Spoken to Harrington brooks they advised me I could keep up to 6 months and I could still offer a F &F to settle the account maybe good news I don't know.
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harrysmummy78
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by harrysmummy78 » Fri May 19, 2017 2:05 pm
I am in the same boat as you :( last payment due in Jan 18 and I have been served my redundancy notice, Just when you though you could see the light at the end of the tunnel hey? I am it Creditfix they have advised me I can keep 6 months net and we are looking in to doing a F&F but communication with them isn't great and they take a long time to respond back. Good Luck hope all works out ok for you.
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Steeddie
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by Steeddie » Fri May 19, 2017 2:43 pm
harrysmummy78 wrote:
I am in the same boat as you :( last payment due in Jan 18 and I have been served my redundancy notice, Just when you though you could see the light at the end of the tunnel hey? I am it Creditfix they have advised me I can keep 6 months net and we are looking in to doing a F&F but communication with them isn't great and they take a long time to respond back. Good Luck hope all works out ok for you.


Sad isn't it
Hope it works out for you too keep us posted how you get on please
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Lisa Thomas
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by Lisa Thomas » Tue May 23, 2017 9:59 am
I think for you it will depend on whether the 12 month extension will apply - you might want to get a valuation to establish this.
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Steeddie
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by Steeddie » Tue May 23, 2017 2:30 pm
Lisa Thomas wrote:
I think for you it will depend on whether the 12 month extension will apply - you might want to get a valuation to establish this.


Hi thank you for your reply I have had a online valulation of 65000 I owed on my mortgage 49200ish end of Dec. So if I owe arround 48000 would the extension apply.

Because I received my redundancy paperwork last week so I need to give a offer figure in ASAP because I want to use some of it to start training and start my own business being a driving instructor training can take 6 months. So I'm a bit concerned now.

I'm basing giving an offer if I take voluntary because I get 4500 more than if I'm picked
So I'm hoping to offer the extra into the IVA 2000 for training and the rest to try and live on till I qualify :? Then I won't need to worry about the IVA
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Lisa Thomas
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by Lisa Thomas » Wed May 24, 2017 8:11 am
The equity calculation will depend on what formula was used in your IVA proposal - there are 2 main different types used by IPs which give different outcomes.

Let us know how they calculated it in your proposals.

I suggest you might want to get an agent round to take a real valuation - if you can lower it enough the extension might not apply to you.
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Steeddie
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by Steeddie » Wed May 24, 2017 9:31 am
Lisa Thomas wrote:
The equity calculation will depend on what formula was used in your IVA proposal - there are 2 main different types used by IPs which give different outcomes.

Let us know how they calculated it in your proposals.

I suggest you might want to get an agent round to take a real valuation - if you can lower it enough the extension might not apply to you.


I looked through my proposal from Harrington brooks yesterday and I couldn't see a calculation all it said 85% and had to release min of 5000. If below 5000 Iva would end if over remortgage or extension
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Lisa Thomas
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by Lisa Thomas » Wed May 24, 2017 10:37 am
In your Estimate Outcome Statement/supporting notes they would have calculated your estimated equity. This same calculation is what you should use. Have a look at the appendicies.
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Steeddie
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by Steeddie » Wed May 24, 2017 11:06 am
Lisa Thomas wrote:
In your Estimate Outcome Statement/supporting notes they would have calculated your estimated equity. This same calculation is what you should use. Have a look at the appendicies.


Ok thank you I will have another look today
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Steeddie
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by Steeddie » Wed May 24, 2017 5:02 pm
Steeddie wrote:
Lisa Thomas wrote:
In your Estimate Outcome Statement/supporting notes they would have calculated your estimated equity. This same calculation is what you should use. Have a look at the appendicies.


Ok thank you I will have another look today


Hi
I've look led in the notes it says it's calculated using IVA standard protocol

Hope this is what your looking for

Thanks
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Lisa Thomas
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by Lisa Thomas » Thu May 25, 2017 1:18 pm
what year was your IVA approved?
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Steeddie
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by Steeddie » Thu May 25, 2017 1:49 pm
Lisa Thomas wrote:
what year was your IVA approved?

Hi Lisa,
It was approved 2012.
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