www.iva.co.uk

Redundancy looms ever nearer and I am thinking to ask for full and final settlement using my redundancy pay. It's likely I will be 45/60 payments through and if I offered my total redundancy I'd be offering something like the other 15 payments worth (15 x 1624 = 24360) plus another 6 to 8 k is that realistic or should I offer less because I will be on pension afterwards and a full and final payment 18 months early is possibly better than waiting for the monthly payments? I'm confused. I don't want to be greedy but don't want to hand over my total redundancy if I don't need to specially as I will be retiring with nothing much more than a pension and no property cos the IVA all stemmed from over commitment on mortgages in the first place.

Hi and welcome

Generally you are allowed to retain six months net salary and then the balance will have to go into your IVA as a windfall. Under the circumstances it is likely tht this will be accepted by your creditors as a full and final settlement

Chat this through with your IP

Regards

Hi dario - great advice from Andy above.

Don't leave yourself short though. I would offer the remaining payments as a lump sum, explain that you would need to retain some as you need to (and then add anything you need to replace in the home etc) and explain that as you will be on a pension you would no longer be able to fulfull the IVA commitment.

Then they can always come back to you asking for more. Start that way and you have bargaining power!!

Good luck!

Hi Dario,

I was in your shoes last August. I was 27 months into my 60 month IVA and my IP (ClearDebt), very basically they made an offer which was equal to what my remaining payments would have been. Nice and simple, and it was accepted.

Good luck x