BR at 11.30 tommorow and now OH been told hes to be made redundant

TotalDespair

OH has just phoned from work to say there is a meeting tommorow after noon and its to announce officially that they are all to be made redundant:eek::eek:

He goes BR in the morning at 11.30am will him having a redundancey payment around £30k and a lump sum from his works pension he will take as he said if he was made redundant he would also take early retirement

This kinda makes me stop in my tracks a bit.....I know all redundancey and pension lump sum will go to OR or will it???

He asked me to ask on here if it would be be better to cancel BR tommorow and book at a later date in the month when we have correct financial figures and the impact on going BR.

We have to let court know by 9.15 am as they have some folk on standby for cancellations, now confused what to do. he is going BR that definite but would it be wiser to wait till we know what the situation is for definate.

Any imput much appreciated

Lexie

sieve

I would suspect that the OR will take an interest in most of the redundancy and pension money but I'm sure someone else will be able to confirm with firmer knowledge.

Personally I'd put the BR date back (I did, twice, to make it fall on a better day for me financially) to after the redundancy comes through, see how much headway with the debts you can make with it as it may mean you can avoid the BR altogether.

dollparts

Talk about the 11th hour:eek:

Is it likely that the pension and redundancy will wipe out your debts? Because if so you may not need to go BR after all?

It may be worth stalling anyway until you have the figures, otherwise you kind of lose the control once the BR order is made if that makes sense?

Radiantsoul

TotalDespair wrote: »

OH has just phoned from work to say there is a meeting tommorow after noon and its to announce officially that they are all to be made redundant:eek::eek:

He goes BR in the morning at 11.30am will him having a redundancey payment around £30k and a lump sum from his works pension he will take as he said if he was made redundant he would also take early retirement

This kinda makes me stop in my tracks a bit.....I know all redundancey and pension lump sum will go to OR or will it???

He asked me to ask on here if it would be be better to cancel BR tommorow and book at a later date in the month when we have correct financial figures and the impact on going BR.

We have to let court know by 9.15 am as they have some folk on standby for cancellations, now confused what to do. he is going BR that definite but would it be wiser to wait till we know what the situation is for definate.

Any imput much appreciated

Lexie

I think you need to postpone.

From here it seems your husband will find the redundancy payment is taken by the OR.
http://www.insolvency.gov.uk/freedomofinformation/technical/TechnicalManual/Ch25-36/Chapter31/part5/part2/part_2.htm#31.5.14

Radiantsoul

TotalDespair wrote: »

OH has just phoned from work to say there is a meeting tommorow after noon and its to announce officially that they are all to be made redundant:eek::eek:

He goes BR in the morning at 11.30am will him having a redundancey payment around £30k and a lump sum from his works pension he will take as he said if he was made redundant he would also take early retirement

This kinda makes me stop in my tracks a bit.....I know all redundancey and pension lump sum will go to OR or will it???

He asked me to ask on here if it would be be better to cancel BR tommorow and book at a later date in the month when we have correct financial figures and the impact on going BR.

We have to let court know by 9.15 am as they have some folk on standby for cancellations, now confused what to do. he is going BR that definite but would it be wiser to wait till we know what the situation is for definate.

Any imput much appreciated

Lexie

Also the trustee would be interested in the pension as an after acquired asset.

debt_doctor

Hi,

I really think you are going to have to postpone your BR for a re think and to get some advice. The redundancy payment would be seized in full by the OR along with the lump sum from the pension.

It may be that you could offer full and final settlements to creditors ( starting at around 30% ??) which might clear your debts, avoid Br and retain some cash ? Depends on how much is owed.

DD

TotalDespair

Yes I think we will postpone BR, will ring first thing in the morning so they can offer the appointment to someone on standby,:mad::mad::mad::mad::mad: christsakes I was thinking this time tommorow we would be debtfree and making a positive step towards a clearer future after the IPA was paid off....feel like swearing now, so if there is some spare dosh gonna be floating around Im having an engagement ring and Id like the OR to try and prise that off my finger cos I pack a good right hook:D:D:D on a more serious note what bloody timing, am off to have a double Baileys and a choccie digestive,,, Lexie goes offline muttering and swearing and cussing and thinking least he knew before going BR if thats any advantage...cuss swear moan whinge rant rave ah theres the Baileys and ooh theres more left than I thought....

Ta very muchly for the answers much appreciated

Lexie xxx now wheres those damn choccie digestives

sieve

Yeah better to know now than to go BR and then find you could have settled your debts without going BR, but now that you are BR you couldn't afford to do that and pay the OR's costs as well to annul it!

I'd suggest a whole Toblerone is called for on a night like this

TotalDespair

Toblerone, ooh yes, have scoffed the 3 choccie digestives in the biccie tin and decided against the Baileys and had a nice cuppa tea instead..jeez what a nightmare, well will just have to wait and see, OH has rung and said we are deffo going to put the BR on hold till we have figures for the redundancey etc so much for my dreams of being debt free ah well we shall live to fight another day.
We might just be able to give the debtors full and final settlements as Debt Doctor suggested but thats another area I know nothing about till I pick all your brains on here over the weekend, am off to bed, to continue cussing and swearing into my pillow, set the alarm for an early rise and cancel appointment and let some other lucky person become debtfree.

Night all..sweet dreams

Lexie;)

TotalDespair

Should be sitting here saying at last were BR but were not,they announced the official redundancies at 10.00 am this morning and all that jazz, I feel really depressed now, was so upbeat that finally the light at the end of the tunnel was beckoning and some rotten sod has switched it off, ah well, just need to find a new bulb.

Have so many questions to ask re redundancey and BR but were having a nice quiet weekend and will ask away through next week.

Funny how life can change in an instant...and Ive run out of choccie digestives might go and blow some dosh on a packet of McVities instead of the Asda value ones, yeah dammit a bit of luxury in this rotten day methinks we deserve it.

OH is optimistic, disapointed, ah well as I said last night we live to fight another day, only when??

Lexie

tigerfeet2006

Aw! Lexie. Sorry to hear that things have changed. But you can deal with it. You have come so far in the time you have been posting and will be able to do the right thing now as you have a marvelous source of info at your finger tips.

(((hugs)))