full and final declined

[lollie]

i just spoke to my IVA provider DFD and enquired about a full and final to be told that I couldn't do it!!!

What!!

The young lady said if I sold my home and offered the equity as a full and final that because I could afford to that I would still need to continue with the IVA payments for the duration of the IVA.

But that's not a full and final I said. That's just making the 4 year equity release clause a 2 year equity release clause.

Well you have the money to continue payments so why should your creditors accept a full and final now when they can get more money from you over 5 years.

Is this right or have I completely lost my mind today?

I thought a full and final was just that... FINAL!!

My initial debts were for £43k and I've already paid £11.5k and my supervisor's fees are about £900 a year plus VAT.

Please tell me I haven't gone mad and DFD are merely trying to get as much money out of me as possible!

[rayb]

Hi, phone again and ask to speak to your supervisor. It sounds like this person does not know what they are talking about

[lollie]

oh rayb

i've been paying into this IVA for 2 years and 3 months and aparently I'm not allowed to talk to my IP. I have tried for 2 years to speak to him but have been told that the IPs do not speak to their clients!

What a joke!!

[Viki.W]

Hey Lollie, if you can afford to keep making payments and you had the equity release clause then I think they may be right. Please wait for an expert to help you on this one. So sorry you're having all this hassle dragged out. Viki X

[lollie]

hi viki.w

is it possible to speak to melanie at her office?

DFD are no help

[MelanieGiles]

If you sell an asset which was pledged to the IVA - ie by way of the 4th year equity release provision, and then are still left with disposable income, it is very unlikely that creditors would accept your offer unless the return to them was very high.

[lollie]

thanks melanie...i actually spoke to one of your team today who was very helpful.

i think i have misunderstood the whole full and final settlement thing. i thought it applied to everyone but obviously not.

so what if i wanted to end my IVA early? would i have to pay back what i owed in the first place?

[jpj]

Creditors will not necessarily get more money over 5 years...with property prices falling monthly (and probably not rising in the next 2 years) creditors will be getting less equity release in year 4 if any. So its not necessarily worth them waiting round for the equity release clause to kick in , if indeed it does!

[MelanieGiles]

But the problem is persuading them that that is the case jpj.

[jpj]

Plus as i know myself,getting the F and F offer agreed is only part of the challenge...Lollie would then have to try and sell the house!! not necessarily easy in this climate!

[MelanieGiles]

And difficult to make an offer a full and final settlement if the amount required may be uncertain due to house price fluctuations.

[Lisa2009]

I wonder if your IP is Mr Redmond???
Aparantly he doesnt take calls........we found that out for ourselves.

[lollie]

hi mrs skint

yes believe it or not my IP is andrew redmond.

can your IP refuse to speak to you??

do we not have a right to talk to him??

[Lisa2009]

http://www.insolvency-service.co.uk/newipsearch.htm

There you can find his direct email address.

Send him an email. Beware he WILL NOT answer it and you will be kindly asked to not email him again as he is "too busy" BUT it usually does get somebody who knows what they are talking about to answer you.

Its a disgrace to be told hes too busy for the people who's mistakes pay his wages. YES hes there to help and YES he must work hard but this is peoples lives.
Melanie Giles and Ian Millington both take the time to speak to their clients. Ok granted, they are not in massive firms but they do work just as hard and also understand the importance of their clients worries at the same time.

There really is no excuse.

Good luck with your email xxx

[lollie]

guys i've only explained part of my situation

my house has been sold and i'm waiting for a variation meeting to take place to allow for the land registry restriction to be removed so the sale of the house can proceed.

i'm also waiting for the 4 year equity release clause to be transferred to my new property.

it's a bit more complicated as my future mortgage provider have now said that they don't want the 4 year equity release clause to be transferred to the new property. this is why i'm looking at a f+f.

there are so many ifs and buts at the moment. my life is currently in the hands of a mortgage company and a load of creditors who may vote against the variation to the IVA