F & F and Redundancy

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emmaxpete

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Post by emmaxpete » Tue Jan 25, 2011 8:52 am
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Hi

I have been offered Voluntary Redundancy, and would like to know what impact this would have on any settlement I make.

I have 2 years left in my IVA, currently paying £450 per month

Redundancy would be about £10K

If I propose to offer £7k, would this be accepted, or would I have to give them the full amount

Thanks
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Michael Peoples

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Post by Michael Peoples » Tue Jan 25, 2011 9:49 am
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It may be accepted by creditors as if you stay in the job you could face compulsory redundancy later and receive much less. Put the offer to them and if rejected stay in your job. Tell your IP the variation needs proposed quickly as there is a limited timescale to the offer.
Michael Peoples | McCambridge Duffy Insolvency Practitioners
http://www.mccambridgeduffy.com
If you would like to talk to me about proposing an IVA or have any questions at all please visit www.mccambridgeduffy.com
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MelanieGiles

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Post by MelanieGiles » Tue Jan 25, 2011 9:03 pm
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What is the difference between the voluntary and compulsory sums on offer? It may be possible to bargain on this difference, but I would get the offer accepted first as Michael has already suggested.
Regards, Melanie Giles, Insolvency Practitioner
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