With only 24 months left on my IVA ive been placed in the unfortunate position of redundancy. The amount remaining on the IVA is just under 12.5k. I know there is a variation in most peoples cases regarding what their creditors would accept as a full and final offer, im hoping to offer around 6k as a final offer and wonder if anyone on these forums thinks that it would be accepted ?
Hi thomo, I'm sorry to hear that you've been placed in the unfortunate position of redundancy. Do you have another position? Is the 6k your redundancy money? Or is the 6k coming from a 3rd party?
Sorry to ask so many questions but I've no idea of how much to offer but do know redundancy payments are caught in the windfall clause but some could be retained to live on in the interim where you may be between jobs. x
IVA final payment left the bank on the 26th January 2013...looking forward to a debt free future.
The 6k is my redundancy money, ive no job lined up and rather than take the option to live off the redundancy money until I find another job I would rather offer the full and final payment to ease my mind, with the IVA out of the way my main outgoings would be my mortgage which I should be able to cover with a slightly less paid job.
I just dont honestly see myself being able to find another job that pays the same as my current position and still cover the IVA + mortgage payments.
Creditors may accept a little less as you need to survive until you receive any benefit entitlement or a new job. If you find a lower paid job and you have no surplus, creditors should accept the redundancy as it is your best offer.
In the case of redundancy and offering a F+F payment, what im looking for is if anyone has a benchmark or rough guideline from their experience, for example im offering a f+f payment of 50% of the remaining IVA does this sound like a reasonable offer or will i honestly need more than 50% for any chance of it being accepted ?
It will depend upon your actual circumstances - and do be careful about using redundancy money to settle an IVA - as you may need it to live off until you find another job.
A well, took the step today of suggesting a f&f of 5k, redundancy was a couple of thousand short of what I was expecting - still 50% of my total though. Fingers crossed my creditors will accept it, if not it looks like bancruptcy in 4 months time.
Only downside is that my IP says the earliest I can speak with an advisor is the 21/07 so god knows when they will convene a creditors meeting to agree on the f&f.
