need urgent help with F&F

[trionon]

Dear all

Desperately need help to work out F&F as getting no joy from PayPlan.

I was recently made redundant and in view of that negotiated the 3 months of suspended payments as there was a prospect of another job. But since then the situation worsened and this new job is also at risk. I've approached PayPlan asking if I could put my flat up for sale and based on Estate Agent's valuation offered an equity release in the sum of £28K which is pretty much all I can get after the fees etc. I am in my final year of IVA, so in an ideal world would have maintained the payments of £633 until March 2011 plus final payment of £28K, this has proved totally inoperable as I tried to re-mortgage and was unable to do so. It's been nearly a month since I contacted PayPlan and despite chasing have not heard anything back. Now that I am facing unemployment, I can not even maintain my monthly payments into IVA, but looks like for a quick sale may be able to raise about £20K for final settlement. What's the best way of dealing with this, shall I just write to PayPlan and make this offer but I am also afraid that if I can't pay into IVA in the meantime will they just fail it? I think my original contribution was 0.51p in a pound. Grateful for advise.

[MelanieGiles]

I think that you are suggesting a very good offer here, and it is a real shame that you are not getting the support of your IP firm in presenting this.

Perhaps Andy or Admin have a direct link to Payplan that they can highlight your concerns to?

[trionon]

Thanks, Melanie. I think I will just write to them with F&F proposal for £20K. I am surprised that Payplan are so slow this time, usually I get response the same day. Ironically they've written to me with the annual income and expenditure review after I've told them I will have no income as from mid April because the job I've been doing (covering smb long term sickness and now this person is coming back)will be no longer!

[Julie]

good luck trionon and please keep us updated xx

[Shining]

All the best from myself too x

[trionon]

Dear all

Thank you. I have finally heard from PP saying that they shall move things forward from their side regarding a meeting with the creditors. I made £20K offer and advised that going forward I can not maintain contractual repayments due to the fact that I shall have no regular income - this bit they have ignored, so this month I've made a token payment of £1 as the salary I receive this month will need to last me for the whole of April. There is slim chance I might get some temp work come May but if the property does not sell I am basically pretty snookered