F&F

[markiboy]

Hi all,
Not been on here for a while and need some advice please??
This is my 5th year into my IVA. It was extended due to my divorce for a further 12 months which would finish June 2013. I pay £409 per month and a family member is willing to help me out and try for F&F to finish this year as it should have and be free of this IVA.
What fig should I put forward they are willing to lend me £4000???? Is that not enough or should I ask for more?? What is the routine as well.

Thanks guys[?]

[kallis3]

Hi markiboy,

You should normally try and offer as close to your original dividend as possible.

Speak to your IP and tell them you want to make the offer and what it is. They'll tell you what to do - you need to make sure that they know the money is only available for a full and final.

[markiboy]

Thanks kal but how is it worked out 12 payments (from June) of £409 is £4908. is that what you mean by the Dividend???

[kallis3]

Whatever you still owe now, mulitplying your payments is what your dividend will be to your creditors. The closer you can get to that the better.

[markiboy]

I thought so. Thanks how long does it normally take??? Should I go for it in May just before my review??

[kallis3]

Have a word with your IP and see what they say.

One of the experts will probably be along later to advise further.

[markiboy]

Thanks

xx

[markiboy]

Once you have the F&F and get the paperwork. Do you send that off to the credit reference angencies Experian etc??? What else do you need to do????
I know you can't get credit (not that I want any I have learnt one thing) for 6 years, but can you upgrade your bank account etc???[?][?][:)]

[kallis3]

Once you get your completion letter then you check your credit file with all three agencies - any defaults entered by creditors after the date of original IVA approval have to be removed and you will need to write to the data controllers for those companies enclosing a copy of the completion letter. The IP will inform the Insolvency Service so that your details come off the register. The IVA will remain on your credit record for the full six years regardless of the fact that you have finished early.

You can try and upgrade your bank account but they may turn you down.

[markiboy]

Thanks once again sorry to be a pain I know experian and exiqnox (spelt wrong sorry) whats the third???
Markiboy

[kallis3]

Call Credit.

[markiboy]

Thanks again wish me luck for May x

[Joanlaw]

Good luck Mark

[kallis3]

Good luck!!