Hello, well i am in a bit of a puddle. My husband has an offer of voluntary redundancy of about 30k we owe 25k at 100p in £. Our original debt was 44k and we have been in IVA for 26 months and pay 62p in £ plus bonus overtime and ppi paid in. we are stuck on whether to take redundacy.....but what would the IVA take of the 30k. My husband will not only have no job but also no car. If he takes redudundancy he does not want another managerial job so may receive less pay. Are we in a position to make make an offer To them. I calculate from the payments i make now would be roughly £18,000 at 62p in £. So a loss to IVA of about 7k.....If he has to pay 25k then there is no point in taking it. Has anyone an idea as to what to offer....also i have told IP so its no secret i just explained i was confused. ..she will give me figure tomorrow. ..also if i could get 3rd party to pay knowing i could be entitled to redundancy is this ok to do....thsnk you kindly for reading i hope you can help x
OK -- as the redundancy is voluntary you are in a position to make an offer of your remaining payments to close the IVA. Make it clear that if the offer is not accepted then the redundancy will not be taken up and the IVA will run it's course with your husband remaining in his current employment.
If he takes redundancy anyway there is a good chance of it all being taken into the IVA, save for 6 months salary to tide you over whilst looking for a new job.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
thank you foggy. If i offer 18k which would be what i would be paying if it ran its course with no change in circumstances. If they agree to that as a full and final is that all they will take. I ask this just incase he is offered more redundancy money as this is an estimate and we wont know the figures yet but it wont be much more. We want to get things sorted so we can mske decisions on the offer of 18k ONLY. So basically 18k ONLY is all we can offer and if not agreed then he will not take it. Will they add fees ect or ask for more if he gets more if the agreement of 18k is agreed
Hi foggy thanks gor your advice. Just an update. We are very confused i offered the 18k on the provider my husband will then take the redundsncy. We spent an hour on the phone to IP explaining that this is the offer and no more. My IP was taliking out of it and i dont understand why she wont put offer to creditors. Our final offer 20k we owe 26k. My husband has to mske a decision by March 12th. My IP ssys it takes 28 days to ask creditors. So its catch 22 take redubdancy which by the way is about 30k so leaves us with nothing. ...we just dont know whst to do. We want to take redundacy but the IP wont give us a straight answer. Otherwise weve expained he stays and could potentially end up leaving with the stress as the company is to be TUPED over. I think the IP wants the lot. So the reduncy will come before the offer is accepted and we cant rske the risk of them taking ut all. ...if we owe 26k in total tge IP told us....Could they take more.....thank you for your help so far. ...i am so anxious and worried.
The IP also said its a risk offering 18k ss if they refuse we csn fail or default words to thst effect. It was a confusing overlisded conversation. Thanks
Stick with what Foggy has said because at the end of the day you have to live if you go down this route.
The IP will have something about default just to cover themselves but I agree it is not helpful.
IVA started March 2011, Completed March 2016 and certificate issued 11 days after final payment. It was not always easy but then some of the best decisions aren't.
If your full and final is rejected the IVA just reverts to the original terms. You are not in default and whoever told you this is misleading you at best. Your IP has done you no favours as I am sure your offer would have been accepted. They usually are but now you cannot take the risk.
If you accept the redundancy and the full and final is rejected then they could insist on the full amount when you receive it, less the six months that you can keep, as they will deem it a windfall
A catch 22 position however I do think creditors would accept your offer
Thanks Andy , you say you think the creditors would accept the offer , my biggest concern is this - my redundancy meetings begin on the 12th March and my final working day is to be the 30th March, I would need to give my definite answer on Voluntary Redundancy around the 19th and I could not go back on this decision.This would not give enough time for my full and final offer to be accepted so I could be taking the redundancy money and potentially the whole amount being taken from me. I believe after talking with my manager today that I would receive a payout of around the £34000 mark so would like to offer in the region of £20000 for settlement,in your experience does it often happen that the whole redundancy pot is taken by creditors.To make matters worse I also believe that in 12 months time I would be made redundant by the company I am to be TUPE`d over to and would receive a significantly lower payout in that case
Call my a conspiracy theorist but when I read posts like this I can't help but feel there is a pool of sharks in the actions of some IVA firms that swim amongst the nice helpful people on here and all they are thinking is if they can get their hands on your redundancy money less the 6 months redundancy they will get a big cut, keep you in for longer and make more money from you and they individually make bigger bonuses and hit bigger performance targets ! (All dependant of course on what the wording of your IVA says).
Don't get me wrong, I understand being an IP practitioner or firm is a business but there must be a middle ground right !?
Name the company, given what appears to be incorrect information they have fed you you may find that naming and shaming them on here may give them the nudge they need to get some proper advice to you ! Rather than no one ever use them again following in you detailing your poor experience thus far on this topic !
Name and shame !
My Blog details, the route I took before IVA, how I choose my firm, equity release advice (year 4-5), challenging the CRA's keeping IVA on credit file once gone from insolvency register
IVA ended August 2015. Would recommend McCambridge Duffy
Ps I've just read all your other posts to understand your journey, you have been asked a few times to name the company but always declined as felt they are doing the best for you, looking in from outside it doesn't feel that way to me from your old posts and this one kind of ices the cake !
My Blog details, the route I took before IVA, how I choose my firm, equity release advice (year 4-5), challenging the CRA's keeping IVA on credit file once gone from insolvency register
IVA ended August 2015. Would recommend McCambridge Duffy
I am very confused indeed. Shall i make a demand for the 20k It has been over a week now since we have tried to but the IP has been confusing us with a lot of info.. MY IP wants a definite figure this can not be given to themr in writing until the 12th on the day he makes the decision and then my husband has til the 30th before he receives the money therefore only giving just under 3 weeks. Therefore not enough time for offer to be
accepted and he would have already accepted the money anyway. I think we have been mislead as you say and they wanted the full money and these were my thoughts and i did say this and they denied it and said they were impartial. If we can not tell her how much but know it is about 30k and no less then why wont she accept this. Surely its better than my husband not taking redundancy and as we explained to the IP as our circumstances could change cosiderably over the next 4 years.
I have a question regarding this issue. I am not (yet) being made redundant although should this happen, are you normally entitled to the 6 months equivalent salary whether or not you find another job or is the full redundancy taken assuming I walk straight into another job? Thanks.
