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Posted: Sat Apr 13, 2013 7:57 am
by hypnomonkey
Hi, I recently made an offer for f&f via my in laws, this should go through mid June should it be accepted. I have just been offered voluntary redundancy, the sum I would take is around 3 times what the offer is. I plan to use some of the money to finally do a driving instructor course. There is obviously some initial outlay to this. My question is this, would I be able to make an f&f offer myself with my payout of the same value? After the costs of starting up the driving, I would have around 13k left. I believe it would be reasonable to assume I may need this to fall back on until I have established myself.
Thanks
Posted: Sat Apr 13, 2013 9:40 am
by Foggy
Hi Hypnomonkey. This would have to be run by your IP as the redundancy payment is a different animal to the third party funds you already have in hand.
Generally, on redundancy, you are permitted to retain the equivalent of 6 months salary to live on and continue the IVA payments. The rest goes into the IVA to increase the dividend.
Posted: Sat Apr 13, 2013 1:41 pm
by lem
If this was me and this is only voluntary redundancy I would try to delay my decision until the f&f has (hopefully)
been agreed, otherwise as Foggy says, you wouldn't be able to use it as a f&f unless it cleared your debts in full, plus fees and the would only allow you to keep up to 6 months equivalent salary