F+F help and redundancy 28 February 2017 at 12:18PM in IVA & DRO 4 replies 1.7K views

Angel-spirit

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

sourcrates

Similar post here, advice would apply to you too :

http://forums.moneysavingexpert.com/showthread.php?t=5608391

Angel-spirit

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

sourcrates

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.

Angel-spirit

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!!