Realistic Full & Final offer?

[KP7763]

Hello there everyone, I'm just wondering if anyone help me with this?

I am around 38 months into my IVA and have 22 months left. The amount owing is around £8280.

I have recently been made redundant and come out with lump sum that will able me to offer a full and final payment. My monthly outgoings are around £1000 a month. I have a job to go to but its not starting until Aug this year.

With all the knowledge that everyone has on this board, can anyone give me an idea as to what a realistic F&F offer would be? I was thinking around £7000. Would I just get laughed at by my IP if i were to offer this?

Many thanks to anyone that can help.

[plasticdaft]

how much was the redundancy payout?

Paul

[KP7763]

The total is got included my final months salary and the redundancy payment and was around £17,000.

After paying for 2 months rent, bills, IVA payments, car insurance and a company expenses bill of £1800 (my IP is aware of this) i'm left with about £14,000 at the mo.

[GilliB]

Hi KP7763. Welcome to the Forum. I would suggest that you will need to ensure that you have enough funds left to cover all necessary expenses until you actually receive your first months' salary. Congratulations for securing a job following your redundancy, and I wish you well. x

[KP7763]

Thanks for the welcome GilliB. Im made up with the job offer, its something i've wanted for a long time. Although i dont start till Aug, i wont actually get paid until end of Sept, so this redundancy money is a godsend. I just want the IVA paid off so i can start afresh.

Do you think £7000 is a realistic amount to offer?

[GilliB]

Hi again. I think it's a very good offer, though an expert may be along soon to offer their opinion. I would still question whether you are leaving yourself enough funds to carry you through? Have you factored in contingencies, or any necessary purchases you need? You may not have the opportunity to do this for a while. When I received funds from a car accident, I replaced all the [very old] white goods in my kitchen. Also, I'm recently redundant, and have permission from my IP to purchase essential goods from my settlement. Any thoughts on this? X