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F+F help and redundancy

Angel-spirit
Posts: 9 Forumite
in IVA & DRO
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
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
0
Comments
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Similar post here, advice would apply to you too :
https://forums.moneysavingexpert.com/discussion/5608391I’m a Forum Ambassador and I support the Forum Team on the Debt free wannabe, Credit file and ratings, and Bankruptcy and living with it boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.For free non-judgemental debt advice, contact either Stepchange, National Debtline, or CitizensAdviceBureaux.Link to SOA Calculator- https://www.stoozing.com/soa.php The "provit letter" is here-https://forums.moneysavingexpert.com/discussion/2607247/letter-when-you-know-nothing-about-about-the-debt-aka-prove-it-letter0 -
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-spirit0 -
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 Forum Ambassador and I support the Forum Team on the Debt free wannabe, Credit file and ratings, and Bankruptcy and living with it boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.For free non-judgemental debt advice, contact either Stepchange, National Debtline, or CitizensAdviceBureaux.Link to SOA Calculator- https://www.stoozing.com/soa.php The "provit letter" is here-https://forums.moneysavingexpert.com/discussion/2607247/letter-when-you-know-nothing-about-about-the-debt-aka-prove-it-letter0 -
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!!0
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