I am nearly a year into my iva (connected to my husbands) and I am due to be made redundant. I should receive approve £20,000. Im due to pay back approx £12,000 into the IVA in total. I will not be able to find a job to match my current income and have been looking for a new job unsuccessfully for months. I know that I am meant to pay everything above the 6 months pay into the iva but I fear I will fail after this, as even if I do find a job, I will struggle to match the income which has been used for our budget.
Would a full and final work in this situation and in your expert experience how much would I need to offer to make this looked at as I would like to potentially retrain so would need more than the 6 months. I know its all per case but I just wondered if anyone had any experience of a similar situation.
I really appreciate any help or advice anyone could offer in what is a very stressful time.
Some have negotiated a F&F using redundancy compensation, but I wouldn't say it is 'cut and dried' as you are offering money that is theirs anyway. But, it has been done and will depend on your IP.
Much will also depend on whether the redundancy is voluntary or not, as well as where you are in the process.
If you haven't been served with a redundancy notice yet, could you get together a lump sum from, maybe, friends and / or family to make a F&F based on remaining payments ? This would have to be dealt with before you are served notice. Also, if they ask for volunteers, you could approach your IP with the offer couched as, " I will consider taking VR if you will accept £xx in full and final payment"
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