F & F

[Aaron]

Hi,

My IP has agreed to my £6k f&f and I have arranged for the monies to be sent today. The report is being put forward in the next few days.

My original proposal was to return 41p and on a recent review (2nd year) and F&F calculation my IP said I am on course to offer about 46p.

95% of debt is with max recovery/eversheds.

The £6k is offering 41p return.

I am just wondering how likely it is that max recovery will accept this?

Thanks.

[ian32]

You don't need to send the money until the offer has been accepted. Also when you say your I/P has agreed to the 6k, it's not for them to agree, they are there to help and advise you, it's up to you how much money you want to put forward.

[kallis3]

I think his IP has just agreed to put the offer forward as he is asking whether or not Max Recovery will agree to it.

I am sure I have read on here as well, and apologies if I am wrong, that some IP's like to have the money in an account as it shows that you have the money and it is ready to pay across.

[ian32]

I SUPPOSE ALL I/P'S ARE DIFFERENT, IN MY CASE I JUST NEEDED A LETTER TO CONFIRMING THE FUNDS WERE AVAILABLE.
WITH REGARDS TO YOUR CASE I FEEL A 41 P OFFER IS A GOOD ONE AND SHOULD BE ACCEPTED AS IT IS THE SAME AS YOUR ORIGINAL DIVIDEND. COMPANIES ARE EAGER TO GET THEIR HANDS ON THE MONEY AS QUICKLY AS POSSIBLE IN TODAYS ECONOMIC CLIMATE.
JUST FOR YOUR INFO MY OFFER WAS 8P IN THE POUND LESS THAN MY ORIGINAL DIVIDEND AND IT WAS ACCEPTED BY MY CREDITORS (LLOYDS TSB).

[MelanieGiles]

The offer looks a good one so far as I can ascertain, and the benefit of the IP having the funds in their account is that this can be distributed immediately and your case closed at the same time as the filing of the Chairman's Report - which has to occur within four days of the actual creditors meeting.

[pixie]

Hi Aaron
Max recovery were the only creditor to vote at my f&f and agreed 3p less than original figure. Your offer sounds good and they should accept.

[MelanieGiles]

Has your IVA now been closed Pixie?!

[pixie]

f&f went through on 10th, payment sent and chairman's report received. think it'll be a while before it's actually closed though. From other posts it takes dfd about 3 months to close and issue certificate of completion.

[MelanieGiles]

That's a nonsense. If they can go to the effort of sending out a Chairman's report, why not close the case at the same time? Never mind, I expect you are grateful that at least the end is in sight!

[Aaron]

Hi,

My supervisor is today issuing my offer, however I have queried it because I went back to them, with their revised F&F spreadsheet and just amended £6,800 to £6,000 weeks ago, which returned 41p. The offer they are putting forward is 34p. When it was set up in 2006 my offer was 40p.

The fees as per my proposal was £2500 initial fees and £46.66 plus VAT per month. Back in November when they sent the spreadsheet the £46.66 per month worked out to be about £1500, but on the f&f offer now the fees are at £2,800. I have queried this becuase as per my original proposal a variation meeting would cost £500 plus VAT.

My supervisor and company has changed twice in the last two years, but this shouldn't have an impact on the fees should it?

The amount of debt that was put forward was £25k, but all creditors have applied and this only comes to £23800 so the is money left over meaning my return is better. Other fees are included on top of this, such as stationery, room hire etc in the offer.

My supervisor is putting my offer forward and will negotiate with the creditors on fees if need be.

Is this normal? I can email my offer to someone to have a look.

[kallis3]

In case you wondered where your new post had gone - I've deleted it as it is a duplicate of this one.

A professional expert will be along shortly to advise on this, I am sure.

[MelanieGiles]

I think that you should leave it up to the IP to make the offer and see what the outcome is. I am sure that all the figures can be justified and explained, but if there is anything which is particularly bothering you, you could do no better than to speak with the IP themselves.