F&F advise please

[Zeezee2606]

Hello does anyone have any experience with PayPlan f&f settlement and how long the process was from submitting it to completion/approval?

Desperately hoping for a positive outcome

Thanks in advance

[Breezy]

The process usually takes from 6 to 12 weeks. I cannot comment on the outcome, without the full picture, but, if the offer is a good one then the chances are good. Best of luck.

[Zeezee2606]

Hi breezy

Thanks for coming back to me, so I'm mid way through and have 4900 left to pay - the original IVA payment was set at 120 but I've been paying 170 due to increase in pay.

I'm suffering mental health and off work at the moment and would like to leave.

My friend has offered to gift me £4000 as a f&f settlement that I submitted yest - which is just shy of the £4900 that I would've paid if it continues to run.

I'm so anxious that it will be rejected, I can't sleep as I'm consumed with the worry and uncertainty of work and my IVA. I have put this all into my proposal.

What evidence did you need to submit? Did they ask you for anymore as time went by? Ive updated my budget and sent most recent payslip....

Obvs I'll be continuing to make the payments until an agreement has been reached..... I just want it to be done and I can hopefully move on.

[Breezy]

I ended my IVA early ( half way through) as changes in my circumstances left me unable to afford the £460 IVA payment at all ! They just did an I&E and that was it.

IP's will not submit an offer if they think it has little chance of going through The couple of payments made during the process will bring it much closer to the outstanding balance and, so, increase chances of success.

[Zeezee2606]

Thanks breezy, how long did yours take to get the meeting arranged and an agreement reached? Appreciate the paperwork afterwards can take longer.

I have submitted everything they have asked for, just hope they can get the meeting arranged asap as I have 2 creditors

[Breezy]

They usually submit the paperwork to creditors a couple of weeks after getting everything they need from you and they give a month's notice of the variation meeting. Then, when accepted, you make the final payment and the usual closure procedures begin. These can take up to 6 months, but, of course, you are no longer required to make any more regular payments.

With just a couple of creditors they should be able to get things moving pretty quickly --- fingers crossed.