i may have the chance to take redundency voluntarily which if accepted would give me a payment of around 26k . im aware that i can only keep 6 months money for my self while i look for more work around 7k . if i dont take voluntary redundency i may find that im made redundent . there for again only recieving 6 months wages 7k . im wondering if i could speak to my handler and ask that the creditors allow me to take voluntary redundency and they get 19k .( ive between 11k and 14k still to repay) as a final payment or if they didnt then i may be forced to try and stay at the company and get forced redundency 6 months pay there for they recieve nothing until i get re-employed . is it reasonable to offer this and get my iva paid up as a final settlement . they get more than i originally owe them for the remainder of my IVA period and i may get a fresh start?
im not offering more than is outstanding , under the iva i have to give to the creditors all monies in excess of 6 months net wages if i get a redundency pay off . they would be entitled to take it either way my hands being tied as per the iva agreement .
however im trying to work out if i can ask them to have this as my full and final payment therefore ensuring im clear of my iva which allows me to pay it off 3-4 years early by taking redunceny rather than being forced to take it by my company at a later date .
I think it is a good offer --- and, being voluntary at this stage it is money they couldn't count on getting otherwise --- timing will be a bit tricky though. Best to discuss with your IP.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
thanks foggy but yes your right its all about the timing , i just needed feed back so i could ask the right questions to my IP who have been helpful in the past
If you propose a variation based on the voluntary redundancy you could offer creditors the remainder of the IVA payments. They would likely accept this as otherwise you could potentially just stay in work or worse there could be compulsory redundancy and even less available. The timing issue is key so get the offer accepted before you agree to the voluntary redundancy.
yes very true i had to send a provisional reply today to the company after they sent me a redundency proposal figure , when i spoke to my IP they said it could take 3 months after i made my offer to the creditors , which i made today . i could end up getting burnt and having to hand over the excess monies above 6 months net wages and still end up paying the creditors for the remainder of the ive term ..... just a chance i have to take to try clear my iva by a full and final
