With a company merger in 2006, I've been put on consultation with the looming prospect of losing my job in August.
Redundancy is minimal at 2 1/2 weeks per completed year of service (I'll have 3 years under my belt by then). I can't believe that I will be starting my 4th year in April either !
Because of the redundancy, I sat and totted up payments made from the start, and up to and including, March. It left me with about £5k out of the £15k to pay so I gingerly asked my parents if they would lend me the money.
Because they've seen that I made this a priority after payment of the mortgage and have drastically changed my spending habits, they agreed to lend me the money. With interest rates as they are at the moment, they won't be losing much on it.
Originally, Grant Thornton asked me to get a letter of intention from my employers. Well that was worse than getting blood from a stone. They asked me to get a letter from GT requesting the details - I then had to forward this on to my employer giving them permission to respond !!!
[:(!]
In the end, GT have told me not to bother. So, all I'm waiting for now is the letter confirming the load from my parents and then GT will put forward the proposal.
If it's accepted, it will give me a chance to stash some cash before I am made redundant if I don't find another job. I reckon if I stay till the end of August, I should get enough pay off and have enough savings (barring any disasters) to last till the beginning of 2010.
Should I be lucky enough to get another job and the F&F is accepted, I will be able to start paying my parents back.
Oh, and I know it's a bit late, but don't trust your bank ! I called to check what my new repayment would be after the recent drop and was told that the previous person I had spoken to had given me the incorrect information and I would have to pay £30 a month MORE than I was already paying. On top of that, the tax people are taking £35 a month more out of my salary than they were in November.
Luckily GT thought it better for me to save the extra cash even though I offered to pay it into my IVA !!!!
So I'm keeping all fingers crossed and hope to get the F&F stuff to GT by the end of this week !!!
There's light at the end of the tunnel - it's just that sometimes the tunnel seems so long.
Wishing you all the best with the offer. You have a great firm acting for you, who have close links with all of the main banks, so I am sure you will be successful on the day.
Good news and I am sure it will be fine. All reputable practitioners that provide IVA's or DMP's have good relations with the banks and credit card companies otherwise the system (a) would not work and (b) cases would never be settled or compromised. The banks and credit card companies know the strict rules and regulations and the due diligence that practitioners have to comply with and are at last in the main recognising that.
Regards, David Mond, Insolvency Practitioner for over 46 years. Personal Insolvency Practitioner of the year 2012, Personal Insolvency Practitioner of the year finalist 2013 & 2014 awarded by Insolvency & Rescue Magazine and 2015 finalist for Personal Insolvency Firm of the Year.
Good luck with your offer, I'm sure it will be fine.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
