I feel like my head is about to explode. I have just spoken to Payplan. I have my mortgage redemption letter to send them but I'm struggling to get a property valuation in writing. There is equity from the verbal valuations but I'm unlikely to get a mortgage to release it. I've already asked my bank and they said they would not offer me a mortgage until 6 months after my IVA was finished. Will having equity affect the likelihood of mf F&F settlement being accepted?
Payplan have also now asked for a months bank statement to prove my expenditure as they said creditors have been known to be 'picky' and expect me to reduce my expenses so I can afford the IVA. Payplan have also just advised me to pay my increased mortgage figure, even though if I do, I will only be able to afford half of my contracted IVA monthly payment. I told them this is the whole reason my family have offered money to settle this. I'm scared paying a reduced amount on either my IVA or mortgage but I can't afford both in full anymore.
When I queried this term in the IVA paperwork (If requested in writing by you... the supervisor must call a creditors meeting within 21 days from receiving such
request) and asked why I was told it could take 3 months, they told me that 21 days was not realistic to gather all they needed and give the creditors their 28 days notice. I said it's mis-leading and the representative I spoke to said he would follow this up.
Sorry for the long post!
Iva completed with a F&F. Completion certificate received Jan 2017
They are just giving you the run around --- don't forget they are creditor funded ( bit like putting a fox in charge of the chicken run ). Regardless of whether the clause is "unreasonable" they are as bound by the terms as you are. However, you do need their support as the way they present any offer is important, and they will make a recommendation to the creditors.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
Thanks Foggy. Yes that's why I don't want to get too cross with them because my offer is being presented by them. They did at least confirm they are happy to put the offer forward and that 80% of offers are accepted. I know they can't give guarantees but they just seem so unsupportive. Its worth a try though.
Iva completed with a F&F. Completion certificate received Jan 2017
I've had an email from Payplan saying this "As part of the meeting process we have to inform you that if creditors accept your offer, after this point we will be able to issue your completion notice. In the completion notice it will state that any further PPI funds are still subject to your arrangement even after the completion notice has been issued."
Is this normal? I'm more than happy for this to be the case. I just want this over. I'm fairly certain I never took out any ppi so have no intention of trying to claim for any.
Iva completed with a F&F. Completion certificate received Jan 2017
Yes it is normal. I never had it in mine but my husband did (both of us with Payplan)
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
Just because I'm anxiously impatient and conscious that F&F offers aren't always that speedy, do you think I should politely chase up tomorrow? (Particularly with a bank holiday weekend approaching.)
My F&F offer was submitted on 28th July with a 3rd party letter emailed on 1st August. On 16th August I received an email asking for proof of certain expenses and a house valuation. The valuation had been sent that day and the expenses I sent on 17th August. Receipt of these was acknowledged but I haven't heard about a date yet. According to the terms they have 21 days to call a meeting. 21 days have passed since my original offer or do you think I should count 21 days from me providing the additional info they needed?
Iva completed with a F&F. Completion certificate received Jan 2017
Hi Kentgirl, I started my f&f with payplan 14th April. 24th May variation team got in touch re expenditure etc just like you (i'm / was with Payplan) thought things looked to be running along speedy but didn't get proposal until 2nd July, after chasing several times, and then signed and scanned back proposal same day and got meeting date 16h August!! last week. so 4 months in total. But they did a thorough job and kept me updated prior to the meeting (i emailed every day a week before to see if votes were coming in - and they were!) and all was excepted. Good luck but unfortunately you may have to be patient. Am only just getting back to a normal sleep pattern!:)
IVA started Sept 2012, Full & Final accepted Aug 16th 2016 & CC issued 10th Jan 2017
I think it is probably from the date of your valuation - depends on your company I imagine.
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
Hi Kentgirl, it's literally all the figures put together by the variation team, saying what we've paid so far, reason for f&f (redundancy - husband) affordability of IVA then as husband walked straight into employment but nights / travelling twice distance less pay. So they build a case for you and show creditors what they will receive now as opposed to what they'd receive if we continued. We had equity which i thought would go against us but hey it didn't! the proposal was very well done by Payplan so when we got that through I felt that alone was worth the wait. Then they were fantastic on the meeting day, letting me know acceptance 15 mins after meeting! so difficult with the wait but it wasn't case specific just they have a large back log! Fingers crossed for you
IVA started Sept 2012, Full & Final accepted Aug 16th 2016 & CC issued 10th Jan 2017
Oh and I gave over all my letters / valuations / mortgage redemption statement within a week of the start of it on 14th April (we felt the company my husband was at was going down the pan!!) so even being as prepared as I was it still took 4 months! but as said that's not a complaint as couldn't fault them. Good Luck
IVA started Sept 2012, Full & Final accepted Aug 16th 2016 & CC issued 10th Jan 2017
Thanks Kazza. Payplan haven't explained the next step to me so that's useful to know. I am impatient but also highly stressed at the moment. I've not relaxed the whole time of the Iva and constantly worry about money. There are always unexpected expenses! Finishing the Iva would be one bit of good news but I need to try and put it to one side while payplan do their thing.
Iva completed with a F&F. Completion certificate received Jan 2017
