Should I offer a F&F ?

[dok]

I know all circumstances are different but after looking through this site I am wondering if I offered a Full and final settlement it would be to my advantage , or even if it would be accepted ?
I started my IVA in Nov 2010 so nearly 3 years in . I have had to have one payment to the creditors stopped as I lost my job 3 weeks ago when the company went into liquidation . After working there for 19 years I know I will get redundancy money .
I have worked out that to date I have paid into my IVA £8360 and am currently paying £280 a month . This figure was agreed after I inherited an 1/8th share of the house I live in with no chance of releasing the equity in it to pay off my IVA . So the IVA was changed to add another 12 months payments to it .
No problem with any of that . I spent it I pay it back.
Now my original debt was £25K from which I was expected to pay back £11700 which I believe was 31p/£.
I have now found a new job which pays minimum wage but it is income .
I expect to get about £8K in redundancy and notice etc.
Would my creditors take a figure like this as a F&F do you think or is it not worth going along this route yet ?
I know I am going to have to hand it over anyway as a windfall , but hope I can at least pay my brother back out of it who has been paying my bills while off work and will be doing so until I get a paycheck after working a month in hand .

Any help / advice is appreciated . If I can add any facts and figures to this which may help please ask .

[MelanieGiles]

The key to whether creditors will accept your offer, depends upon the new level of disposable income you will have when you start your new job. Do you feel that you will be able to maintain ongoing contributions at the current contractual, or a lower, rate?

[dok]

Thank you for the reply Melanie
My wage at the moment is going to work out at about £180 a month less after tax etc .
If I really pushed it I might be able to continue at the current rate , but cannot foresee how long I could keep this up for . The thing that might mess me up is when I get my annual review in November as my contributions have gone up after each one so far .
I have no problems paying it in as a windfall as (bar the aforementioned family debt) it will all be surplus cash .
I just thought it might be a better bet for myself if I could get it used as a f&f so I can get on with my life .

[dok]

I am going to sit down the weekend and do an IE for my self to work out how and if I can afford the payments as they are . At the moment it is all guestimated , on paper it will become a lot clearer .

[Amandadon22]

Hi there just to let you know you are allowed your redundancy to top up your wage. For up to 6 months. I only know this because it has just happened to me. I kept all mine because I couldn't get another job. So this money can top up your minimum wage money.
Don't know if this is of any help or not
Good luck

[dok]

Thanks for that .
To be honest though I would rather pay it all in and live on the smaller wage . Which will seem higher without the monthly contribution if a F&F was accepted .

[dok]

Oh Well it goes from bad to worse !
Went to work this morning to my new job , only started yesterday , to be informed my services were no longer required !
So now out of work again and facing having to sign on again .
This job lark is getting on my nerves . I now have to ring up my IP and explain that I am out of work again , only a week after telling them I had got a new job !!
This is going to be a tough call to make as I feel like an idiot !!!

[dok]

That wasn't so bad . I spoke to Liz White at Bridgstones who was very understanding and could see why I was so upset about the whole thing . She has offered me a discrectionary 6 months , with a call every few weeks to give me a chance to try and find a new job . One for keeps this time !
I forgot to ask her about the F&F as I were more worried about the IVA failing through loss of income . But as I dont have a fixed figure yet I guess it will have to wait anyway until the paperwork arrives .

[kev59]

Dok, I've been there. its a dark place.
I lost my job when in my IVA, worked with me IP and a way forward was fould.
Ask your IP about making a f&f. you never know they may think it would work. It did for me from the sale of my flat.

[dok]

I will be asking but at the moment I cannot offer a figure as I dont know what it will be . I have to wait for the paperwork from the liquidators to get here first before I can apply for it .

[luluj]

sorry to hear about your sudden employment loss so soon after starting - it is very difficult out there at the moment and I really hope you are able to find new employment very soon.
In the meantime it is nice to know that your IP has been able to support you in providing a payment break for six months.

Best wishes for the job search x

[dok]

Thank you . I am busy searching and firing off CVs' like they are going out of fashion at the moment ! I really do not want to be adding another 6 months onto my payments , I have already had to increase it by 12 months to offset an inheritance I cannot realise !
But if it does look like it is going to stretch out I will seriously be asking if f&f will be possible out of my redundancy payment .
I am about £3.5K off the original figure of £11700 so am hoping that an offer of another £7-8 K would be accepted .

[dok]

I got sent my forms for claiming Redundancy today , filled them in and sent them back for next day delivery . Be interesting to see just how much 19 years work at the same company was worth !

[ClareSilver]

You can calculate your on statutry redundancy online. Here's the link...

https://www.gov.uk/calculate-your-redundancy-pay

[dok]

Thanks Claire . I have already been there . It doesnt add into it 12 weeks notice , holiday pay due and wages owed though . Even though the notice period can be anything up to when I find a new job with a max of 12 weeks .
So I am guessing it will be approx £7-8 K total when the dust has settled .