F+F help and redundancy

in IVA & DRO
4 replies 1.7K views
Hi
my parents have offered to make a f+f payment to end my IVA as I am on the sick on full way with work related stress. It looks like I may receive a settlement payout from my employer to end my contract early as they are looking for redundancies at work.

My question is, if I put a f+f offer forward now and I accept a settlement agreement from work before the f+f offer is finalised will my creditors find out about my contract ending?

Would I be better off letting them know I'm ending work and trying to make an offer with my settlement from work?

I still owe around £12000 in payments, but my circumstances are likely to change due to the work related stress and I need to find either a less stressful job or work part time. Would an offer in the region of £8000 sound reasonable?

thanks in advance
angel-spirit

Replies

  • sourcratessourcrates Forumite, Board Guide
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    Similar post here, advice would apply to you too :

    http://forums.moneysavingexpert.com/showthread.php?t=5608391
    I'm a Board Guide on the Debt-Free Wannabe, Credit File and Ratings, Bankruptcy And Living With It, boards. "I volunteer to help get your forum questions answered and keep the forum running smoothly".
    Board guides are not moderators and don't read every post. If you spot an abusive or illegal post then please report it to:
    [email protected].
    Any views expressed are mine and not the official line of MoneySavingExpert.com.
    "I don`t trust Bankers, I don`t trust Banks, and I don`t trust you.........Private Frazer".
    For free debt advice, contact either : Stepchange, National Debtline, CitizensAdviceBureaux.
  • Thanks sourcrates. I've had a read through and some interesting points were given. It may be worth my will speaking the national debt helpline too.

    I rang step change and they said it takes about 6 weeks for a variation meeting to take place --- probably mid April time...

    I am mostly worried about putting a f+f offer from my parents to the creditors when there is a chance I could receive a severance payment from work by the end of April if I agree to end my contract as they are looking for people to make redundant. Would they know if I received a severance payment? Would they expect money from that too? Or should I stay quiet about that as nothing has been agreed yet and isn't likely to be for another month if it happens????

    thanks
    confused
    angel-spirit
  • sourcratessourcrates Forumite, Board Guide
    24.3K Posts
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
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    Once an agreement has been reached with the creditors, and accepted, that would be the end of it.
    Your liability would end.

    It's a bit of a minefield to be honest, but what you don't yet have, you should not declare.
    I'm a Board Guide on the Debt-Free Wannabe, Credit File and Ratings, Bankruptcy And Living With It, boards. "I volunteer to help get your forum questions answered and keep the forum running smoothly".
    Board guides are not moderators and don't read every post. If you spot an abusive or illegal post then please report it to:
    [email protected].
    Any views expressed are mine and not the official line of MoneySavingExpert.com.
    "I don`t trust Bankers, I don`t trust Banks, and I don`t trust you.........Private Frazer".
    For free debt advice, contact either : Stepchange, National Debtline, CitizensAdviceBureaux.
  • Thank you, I think I will go ahead and hope that I can come to an agreement with the creditors before I get any payout from work. I'll cross any bridges I have with that when I get to them! The longer I dilly-dally with making a decision the more likely it is that I will have a payout from work!!

    Never any easy answers!!
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