F&F - Ask for settlement fee

[wooderz79]

I'm a newbie here but have been very interested to find out with help from a 3rd party it is possible to arrange an F&F settlement. Can one of the experts please confirm whether it is better to approach your IP with an offer, or to approach them and ask for a settlement figure. I want to make sure the creditors get the original p/£, but not sure how the IP fees will be discounted. Is it better just to approach them?

[MelanieGiles]

Hi wooderz79 and welcome to the forum

I would suggest that you approach your IP and say you are interested in making an early settlement and would they provide you with a settlement figure. This is a fairly simple exercise, and will give you an idea of the ballpark to work within, but as a general rule of thumb you should look at trying to offer at least the original dividend.

[james.c]

I think from what i have read before you have two choices.

1 - if a third party is offering you for example 10k, you could tell your ip, that you want to make that offer.

2 - ask your ip, what figure they think you should put forward

[wooderz79]

Thanks for your quick reply, Melanie.

What else does the F&F process involve. Know I need a letter from the 3rd party (parents offering to make the contribution). Do I need to provide a new I&E. My last review was a couple of months ago.

My IP is with Payplan(John Harrison), do you think they will take into account extra payments between enquiry and creditors meeting - would this be usual practice?

[wooderz79]

Thanks James - and congrats on the new arrivals