Advice Needed Please

[KNormington]

Hi all

Thank goodness for this site, i was beginning to feel all alone in this IVA !

Im in a situation at the moment whereas im basically looking at certain redundancy (Work for Ford Motor Company !) in the next 3 mths and this plus worrying about IVA is beginning to take its toll somewhat.

I have one question really and hope that someone could help please ?

Firstly if im made redundant what happens to the IVA ?

The other option is to offer a full and final on my IVA

Details:

Total Debt 48k (oh dear god)

Arrangement - 39 wks @ £352 and in the 4th yr is 21 wks @ £440

39 x 352.00 = £13,728
21 x 440.00 = £9,240

Total = £22,968

I am now just over 2 yrs in and have just made my 25th payment

25 x 352.00 = 8800

£22,968 - £8800 = £14,168

Now with the situation as it is my parents have said that they will do an equity release and get @ £10k to help - if i suggest this to my IP are they going to laugh at me ?

Just worried as this may be the last chance i get before being ousted from my job.

Any help would be massively appreciated

[kallis3]

Hi and welcome.

Firstly, I am sorry to hear about your upcoming job loss. Will you be getting any redundancy pay? If so, you could offer some of this towards a full and final payment.

Otherwise, you can use this in lieu of wages until you find further employment. If you don't have any redundancy, you can ask for a payment break whilst you look for another job.

You can contact your IP and make the offer of £10,000. Your IP shoud put this forward to the creditors and it is then up to them.

[David Mond]

Your offering approx 37p compared to 48p with creditors getting paid earlier. I personally think this too light. Normally a maximum of 15% deduction is a yardstick to go by. This is not set in stone and it might be worth discussing with your IP. In any event what is the likely Redundancy Package you will receive? This could have a bearing on your situation.

[KNormington]

Hi

Thanks for the messages so far, with the redundancy i have only been here approx 18mths so am unlikely to walk away with very much at all

It is an almost dead cert that at the end of Q1 this year we will be released.

With regards to the pence per pound - how do you work this out please ??

Thanks again

[David Mond]

Divide what you originally were offering to pay over the amount of your debt.

Discuss with your IP and see what he says - as you will probably receive very little (and you'll need that to live on) pending finding another job creditors might vote for it and your IP might discount his future fees.

[KNormington]

Thanks for the help David

So if i can get in the region of @ 40p ish that would obviously look more favourable ?

[David Mond]

I am sure it will - but have a discussion with your own IP and see what he/she thinks

[Viki.W]

Sorry to hear about your job, good luck with your IVA, please let us know how you get on.

[David Mond]

By the way who are your creditors and amounts?

[kallis3]

Good luck with finding another job.