Hi everyone.
Just been told I will probably be made redundant.
A) I won't get a job paying what I earn now,
B) Fortunately , I will get a reasonable severance payment , so hope to be able to offer an F&F .
Has anyone offered F&F , and what were thet allowed to keep whilst looking for a new job ?
Thanks for any advice.
Regards
You do need to speak to your IP. If you get a payment then you are normally allowed to keep up to six months worth of money while you search for another job.
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
Hi K , thanks for your reply.
Nothing is final yet , but best case scenario is a 25% salary reduction !
I realise that you are 'normally ' allowed to keep 6 months net salary , but as we all know , it could take substantially longer to find a job , which is why I want to try a F & F , so that I can conclude the IVA , and concentrate on finding a job , if made redundant.
ATB
As redundancy is paid to creditors anyway as a windfall a f&f is probably not appropriate. You will have up to six months to find a new job and if you cannot then they may accept payments to date as a f&f or fail the iva, in which case there is always a dmp or br. However, it would take another three months to fail the iva so really you have up to nine months to find a job. That gives you quite a long time.
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
Can you contact me directly at the office on this point Casiquebrado. Your circumstances will be unique to your own case, and I would prefer to discuss this with you off line. Once we have an agreed way forward, this is the right time to share ideas with your forum friends.
Not at all. This forum is a great place for me to find out about my client's trials and tribulations, so I am glad you posted - but I prefer specific advice to be given to specific circumstances, and that could confuse other posters.
Well , it looks more positive at the moment.
IF there is an issue , it won't be for a good few months.
Will keep you posted , must go as I am at work.
Thanks for all your kind messages.
Good luck with the future, if it puts your mind at rest I was made redundant in July and still had 2 years left on the IVA paying £400 a month, I contacted my IP who set up a variation meeting for the 5 November where my f&f offer of £5000 was accepted. Luckily Ive found another job but at a dramatically lower wage than before but its paying the bills - none of which are debt The future can only get brighter now.
thomo4258 wrote:
Good luck with the future, if it puts your mind at rest I was made redundant in July and still had 2 years left on the IVA paying £400 a month, I contacted my IP who set up a variation meeting for the 5 November where my f&f offer of £5000 was accepted. Luckily Ive found another job but at a dramatically lower wage than before but its paying the bills - none of which are debt The future can only get brighter now.
Thanks Thomo , your reply is much appreciated.
Enjoy your debt free Christmas.
Regards
The future can only get brighter now.
