F & F advice please

[Razormatt]

Hi I’m new to the forum but have been in my Iva now for 3 of 5 years and would like some advice

I’m currently paying £196 per month which went up from £150 per month a year ago I’ve recently had my review meeting and payments have stayed the same at £196 and I have 23 months left 22 after next week based on that I have around £4500 left in monthly payments that will be made if it goes the full term

I spoke to credit fix today with regards to making a full and final settlement as over the last year my company has made over 60 people redundant and we have been told there are more to come as the business is at a loss of around 30 million and so far I have been lucky to have kept my job but I feel it’s only a matter of time and due to this I don’t want the Iva to fail if I lose my job and instead would rather try to get it behind me

They said they can’t advise me on an amount but to offer a figure close to what I would have paid at the end

I want to put an offer together of £4650 I have no home that I own and there is nothing in the original paper work to suggest a 6th year

My partner has offered to pay this amount on my behalf

Do you think this is a good offer and there’s a chance they would accept it

The only thing that worries me is the original debts amount to nearly £30k but I have never missed any payments or had and breaks in the Iva

Thank you in advance this seems to be more worrying than the original setup

[Foggy]

Yes, that is a good offer ... the creditors will be getting what they signed up for earlier than expected and will be out of the IVA too.

Best of luck with it.

[Razormatt]

Thank you for your help

Very nerve racking putting the offer in not knowing if it will be accepted or not but I’m trying to look at the bigger picture, that if I get made redundant then at least my Iva won’t fail and I can start a fresh

Will let you know if I get accepted

[Razormatt]

Creditor meeting arranged for 28th June I was under the impression it was meant to take place within 28 days but it’s only a few extra


What happens now ?

[Foggy]

Creditor meeting arranged for 28th June I was under the impression it was meant to take place within 28 days but it’s only a few extra


What happens now ?

They have to give creditors a minimum amount of notice, there is no maximum as far as I know. Hopefully you will get a phone call, shortly after the meeting, to say it has all gone through. Then you make the payment and the IVA will go to closures to be wound up. In a few months you will get your completion certificate, which is the point the IVA is formally closed.

[Will1234]

I recently had a full and final offer accepted and this was with Creditfix. As it's been said in this forum, they are not the best with communication.
The meeting happened at 10am and by 4pm I had still not heard anything, so I had to contact them to them to ask if it had been accepted or not, which they informed me it was.

It wasn't until later the next day that I had an email from them confirming that it had been accepted, so if you haven't heard and do not like the wait, I would contact them yourself if it has been a while.

Good luck with the offer!

[Razormatt]

Thank you

Just got to play the waiting game now

[Razormatt]

Sorry to be a pain I do have another question

I have at least 2 creditors that still haven’t put a claim in even though I have been in a IVA for 3 years now

if the F&F is accepted what happens to those creditors that haven’t put a claim in will they still be marked as satisfied on my credit report and can no longer chase me for the outstanding debt ? As it’s there fault they haven’t put a claim in

[Foggy]

Some creditors feel it is not worth their while to engage with the IVA, but their debt will be written off at the end anyway. Basically, if they are going to spend £10 in admin to collect £5 they are better off just forgetting about it.

[Razormatt]

Thank you Foggy

I’m am surprised as one of the debts is around £2.5k but I guess it’s there loss

[Razormatt]

Wish me luck my creditors meeting is today at 10am hopefully creditfix let me know the outcome as soon as possible but reading comments that may not be the case

I feel like I’m back at school waiting on exam results

[Foggy]

Wish me luck my creditors meeting is today at 10am hopefully creditfix let me know the outcome as soon as possible but reading comments that may not be the case

I feel like I’m back at school waiting on exam results

Oooh .. best of luck. You might need to chase a little.

[Razormatt]

That’s what I was thinking reading other threads

Will give it until after lunch and give them a call

[Razormatt]

Well I gave creditfix. Call and they have told me the full and final settlement figure has been agreed just got to wait for the paperwork today or tomorrow and my partner can pay it off and I can close this chapter

Thank you for all your help and advice everyone

To say I’m happy is an understatement

[Foggy]

Excellent --- well done. Still have to hang in there for the completion certificate and paperwork, in due course, but next months money is all yours !