Hi, My wife and I are just starting the final year of the IVA, she's now expecting our first child and I'm due to be made redundant in July. Given thse circumstances, if we paid the normal payments until JUly and then offered my redundancy payment of approx £2500 as a final settlement, is this likely to succeed? We will have paid back £36k from the £40,300 originally due. Any advice would be welcome
Hi there and welcome to the forum - congratulations on the baby and commiserations on the work situation. What rotten luck particular at this time.
If you were my client I would simply ask creditors to accept what you had paid to date in full and final settlement. You will need that £2,500 to tid you over until you find new work, and there will be additional expenditure associated with the baby's arrival.
I think that this would be accepted by creditors, but you will of course need to discuss this with your own IP.
Last edited by David Mond on Mon Apr 06, 2009 4:50 am, edited 1 time in total.
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.
I just wanted to say I have now submitted my first and final offer to Grant Thornton offering 70% of my redundancy package. I have also been asked to do a income/expenditure report and have allowed £200 per month towards baby costs such as a cot/pram etc, is this something that is likely to be accepted?
Very nervous, just want this over and done with so we can concentrate on the new rrival in August
Fingers crossed that it gets accepted vanquish. I don't know why they would need an I&E though.
They will have to allow you money to get necessities for the baby, but don't know how much.
Good luck and let us know how you get on.
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
I just wanted to let you know that Grant Thornton held a creditors meeting today and my first and final offer was accepted so as soon as I receive my redundancy, the IVA is over and done with a year early.
It is a huge relief, especially with a baby due soon, so now down to us to make sure we don't get into that situation again.
Hope everything goes well with the baby. Let us know what you have and keep us posted as to how you are getting on.
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
Well done to you, GT and your creditors for accepting a sensible offer. Now the little one will be born into a debt free life - just make sure you keep it like that!!!!
