Full and final settlement taking to long?

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Post by SweetPea » Thu Feb 03, 2022 1:21 pm
Hello again!

So I started the ball rolling for a full and final settlement back in October 2021 back and forth emails for relevant information etc updated my income and expenditure (nothing had changed) and received a confirmation email on 17th November 2021 saying the usual stuff and that they would be in contact with me within 6-8 weeks to let me know the outcome.

Yesterday (2/2/22) marked 11 weeks since that email and I’ve received nothing, no call no email.

I rang today to chase up the outcome as I’ve been waiting on a email from them and I’ve been told that it’s in variation and that it’s going to be another 2-3months? So all in all it’s going to be at the 6months mark before I receive anything, does that sound right?

Am I right to assume that once I started the ball rolling back in Oct/Nov 2021 time that it would take roughly 3months for them to have the meeting etc and come to a conclusion on wether or not to accept my offer? As I feel that if I hadn’t of rang today and chased it up then I wouldn’t of received nothing from them, I shouldn’t of had to contact them 3 weeks after the initial 6-8 week time period that they stated in the email that they would contact me.

I’ve worked out my remaining balance that I owe until my Iva ends and I find it conveniently funny that in 3 months time, the offer that I gave them will be what I have left to pay…

To me it feels like there stringing me along until it gets to the point where what I offered them back in November, will be what I’ve got left to pay.

Also on a different note, my income and expenditure will be due in April this year and if their waiting on the 3 months mark that means it’ll be May time before I (if I even receive anything) receive a email with the outcome of the variation meeting, will I still need to submit the usual 3months bank statements and 3 months payslips?

As last year when my IVA was taken over by another company :x DM they upped my monthly payments even tho nothing in my income and expenditure had changed, it was exactly the same as when I started my IVA, hense why I’ve went for a full and final settlement (thanks to my mother for offering to pay) as I barely make the monthly payments when they upped them. As I’ve got a feeling that if I have to do my income/expenditure for April, they’ll again try and up my monthly payments AGAIN and that to me means that my overall payable back will increase and they won’t accept my full and final offer.

Anyone else done a full and final offer? How long did it take from start to finish for them to accept etc? As I honestly feel like this debt company is taking me for a ride and that their going to string me along as they possibly can.



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Post by Foggy » Thu Feb 03, 2022 1:31 pm
The average time for a F&F to be processed is around 3 months -- however, covid complications could slow this down, but not by too much.
I would be inclined to email your IP direct with a formal complaint and telling them that you will escalate the complaint to their regulatory body if needs be.
With regard to the amounts vs the amount 'outstanding', most counter the temptation to stall (thereby squeezing in extra payments) by agreeing a payment break when they make the offer, or by stating, as part of the offer, that the lump sum will be reduced by any payments made after a given date. However, the delay and 'extra' payments will make the offer look more favourable in creditors eyes, come the variation meeting.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014


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Post by Deltamonkey » Mon Apr 04, 2022 7:11 am
My Completion Certificate took 8 months to arrive from acceptance. Even though I chased the IP direct, they didn’t seem to think that 8 months was unacceptable.

I was also with DM, and their internal protocols state it will be 3-6 months (they don’t subscribe to the industry standard <3 months), so that’s 3 months at a minimum, but when they reach the 6 month mark they still don’t pull out the stops to get it moving.
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