I've sent a letter to my IP with the F&F offer of £15k... but my mum has had trouble releasing all the money from her property and can only get me £5k. I can arrange a loan from another family memner for £8k, giving me a total F&F offer of £13k - is it too late to amend the offer? Will it have a good chance of being accepted?
Will my IP need to see proof of where the money is coming from?
i've found it impossible to get through to Debt Free Direct on the phone this week and my email has been met with a generaic automated response. I'm starting to panick that if I have to amend the original offer of £15k down to £13k that my IP won't put the proposal to my creditors!
You can amend your offer at anytime, so don't worry. It will take time for things to happen. Try sending your letter recorded delivery and if you still get no response after a few emails and letters, email your ip. Eventually they will ask you for 3 bank statements, 3 wage slips and a letter from the person lending the money to confirm. It will then take several weeks to get any further or even be told if the offer is acceptable to be put forward to creditors!
Pixie
'Welcome to where ever you are, this is your life you've made it this far, welcome, you've got to believe right here right now is exactly where you're meant to be'
IVA started may 07 ended dec 08
UPDATE!! F&F ACCEPTED!!
Hello, me again!
I wanted to thank you all for your valuable advice and support and to let you know that I received a call from DFD last week to say my F&F offer of £13k has been accepted. To date, I have paid £2800 into the 'pot' and with the F&F offer added to that I will have nearly cleared all of what I owed, which is good to know (I feel terribly guilty about these things!)
I'm just waiting for the official paperwork to come through with instructions of how to pay the F&F to them.
In the meantime they want me to continue making my monthly installments - is this normal? I have already obtained part of the F&F money (£8k) and have started paying it back at £250 a month while it sits in my bank account! This takes up my spare cash that used to go towards my IVA - I can't pay both!
It seems strange that my offer has been accepted yet I am still expected to top up the money in the pot, when the creditors have accepted the F&F plus the £2800 in the fund already - who will these 'extra' payments go to in the end? If my IP hasn't included them in my offer, the creditors won't know they exist so will the IP keep it for himself?
I was under the impression that if your F & F has been accepted and you are simply awaiting the final paperwork then you should make no further payments
Congratulations on your F&F being accepted marleymoo!
Good luck for the future.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
I'm with DFD and in the process of making a F&F offer. One of the posts on this thread stated that they would need 3 months of bank statements and pay slips. Is that the case or do they make the decision simply based on your offer against how much you owe ?
I make my F&F offer about a month before my annual review was due so I sent them my previous 3 month's payslips anyway, in the event that my F&F was not pursued. I did not send them bank statements though and they have never asked for them - they actually wrote in my 'variation' to creditors that I had not provided them with payslips or bank statements at all since the start of the IVA so I can only assume they did not bother to read them/keep them with my file! In fact, I had sent payslips regularly throughout due to a couple of payrised during the year.
DFD took absolutely AGES to respond to my offer - I first made the offer in September 2008 and didn't get it all sorted until 23rd April 2009... and am still waiting for something in writing from them to confirm the acceptance of my F&F.
Good luck with offering a F&F - it IS worth it in the end. I know I'll sleep a lot easier knowing that I won't have the burden of the IVA anymore (although I still have the debt to my mum!)
marleymoo wrote:
UPDATE!! F&F ACCEPTED!!
Hello, me again!
I wanted to thank you all for your valuable advice and support and to let you know that I received a call from DFD last week to say my F&F offer of £13k has been accepted. To date, I have paid £2800 into the 'pot' and with the F&F offer added to that I will have nearly cleared all of what I owed, which is good to know (I feel terribly guilty about these things!)
I'm just waiting for the official paperwork to come through with instructions of how to pay the F&F to them.
In the meantime they want me to continue making my monthly installments - is this normal? I have already obtained part of the F&F money (£8k) and have started paying it back at £250 a month while it sits in my bank account! This takes up my spare cash that used to go towards my IVA - I can't pay both!
It seems strange that my offer has been accepted yet I am still expected to top up the money in the pot, when the creditors have accepted the F&F plus the £2800 in the fund already - who will these 'extra' payments go to in the end? If my IP hasn't included them in my offer, the creditors won't know they exist so will the IP keep it for himself?
I would need to know exactly the wording of your F&F offer to see whether the monthly installments are part of or in addition to what you have had accepted.
Regards, David Mond, Insolvency Practitioner for over 46 years. Personal Insolvency Practitioner of the year 2012, Personal Insolvency Practitioner of the year finalist 2013 & 2014 awarded by Insolvency & Rescue Magazine and 2015 finalist for Personal Insolvency Firm of the Year.
Thanks for the reply. I'm with DFD so I know how long they take with things. Is the any particular reason why it took so long ? I believe that a F&F can be completed in a matter of months.
I chased a number of times by phone and email and kept getting told that the reason for taking so long was because of the 'current economic climate' which meant they had been inundated with new applications. I pretty poor excuse in my opinion - it doesn't take a genius to see that my F&F offer was giving a far better return than the original proposal so I don't know why it should take 7 months between receiving all the relevant documents to putting the proposal forward.
I suppose the longer it took to propose the variation, the more monthly installments I'd make and therefore I'd be offering more in the 'pot' overall.
The relief I feel now it is sorted far outweighs the anxiety I felt during the IVA so it has been worth it but the months of waiting weren't much fun!
Seven months is rather a long time to wait for a variation report to go out. Why not have a word directly with your IP to see if they will commit to a timescale for you.
Marleymoo - did you check the wording of your Proposal?
Regards, David Mond, Insolvency Practitioner for over 46 years. Personal Insolvency Practitioner of the year 2012, Personal Insolvency Practitioner of the year finalist 2013 & 2014 awarded by Insolvency & Rescue Magazine and 2015 finalist for Personal Insolvency Firm of the Year.
