Advice Please

camberley

Afternoon all,

i am currently at the the cusp of year 4/5 and facing redundancy (not definate but work in construction and the warning have just been announced). Parents have very kindly offered to make a final payment to close the iva early to try an relieve some pressure, usual parent loan type arrangement (interest free and don't have to pay if i'm not employed)
My question is that when i started my payments were £454pm now they are £723 pm, so should the offer be 14 (months left) x the higher or lower figure or somewhere in between? Or is my method just plain wrong? My moral compass is pointing towards the higher figure (reason for entering IVA in first place was that I borrowed the money in good faith so should repay as much as possible).

Thoughts please?

Charco_2

Yeah but since it's your parents trying to help you out you should also have an eye on the amount they would be out of pocket...

Another thing to consider would be are you going to be entitled to redundancy pay and how much is that likely to be?

camberley

Thanks for the quick reply.

I have ummed and ahhhed about the borrowing from parents and it was their suggestion and they have satisfied me that it will have no impact on their day to day lives. They will not be borrowing the money and i have every intention of paying it back ASAP. They were intending on a surprise holiday for them and us but view this as a better use as we obviously dont have a lot of spare cash to save spending money. Redundancy is not really much to shout about (£3K doesnt go far with wife and 2 kids ) due to moving back to the UK just under 3 years ago so despite it being the same company (changed from iternational to UK), time served reset to 0 at that point.
Will also add that my intention is to "over pay " to ensure they arent missing out in interest etc. They are the ones refusing to put interest on! (gotta love parents!:))