F&F settlement - advise

[Lauren365]

Hello,

I have just put forward a F&F offer my meeting is on the 26th February.

I pay £214 a month and have 50 months remaining = £10,700.

I have offered £11,000.

Hoping they accept!

[Foggy]

Well, it is a good offer so should get through --- fingers crossed.

[Lauren365]

Thank you!

I do have a house but it's a single mortgage and the value doesn't really go up on terraced houses and only had it for just under 2 years so hoping this won't effect it.

[Foggy]

Thank you!

I do have a house but it's a single mortgage and the value doesn't really go up on terraced houses and only had it for just under 2 years so hoping this won't effect it.

They might ask you to provide details, but usually at this stage, if there was likely to be more than £5k equity, it is common practice to add 12 payments in lieu. However, as F&F offers are also often reduced to reflect time and admin costs saved, they might not bother as one might well cancel out the other.

[Lauren365]

Fingers crossed! Thank you !

[Lauren365]

Hello foggy!

I have received this, any ideas?


Meeting provisionally rejected:

This is because the amount that you are offering is low thus your creditors have voted in to reject because they will be receiving less dividend than they were supposed to.

Thanks

[Lauren365]

They are saying my dividend is 29.34p estimated without the variation meeting and with variation it's 28.36p.

I'm so confused x

[Foggy]

It would appear that they are quibbling over a penny in the pound .... which it will cost them more to faff around with dividends over the next few years ! Truth be told, it might be that 'equity year' that has thrown them off track.

To be honest I am surprised ... gobsmacked, even! It is a far better offer than many that get accepted. Ask your IP for a copy of the variation pack that was sent to creditors -- see how the IP put the offer forward.

[Lauren365]

Thanks foggy! It was literally 1p, the lady said she went back to creditors and asked if they would accept if I was to offer the shortfall which was £1800 so I have offered that in addition and they've said the meeting will go ahead.

Hopefully it gets over now I'll be shocked if they've said yes and go back on their word Friday

X

[Lauren365]

All been settled Foggy!

Thanks for your help.

[Foggy]

All been settled Foggy!

Thanks for your help.

Great to hear Well done.