I'm in an IVA at the moment, I am half way through and have 30 months remaining and I pay £170 a month.
My parents are trying to make a full and final settlement for me with an offer of £4000. It's under the conditions that it settles the IVA, and if it is rejected then the money will be withdrawn and i'll have to carry on the monthly payments. I have no mortgage or house, and no equity in anything. What do i need to do to get the ball rolling. My company is Freeman Jones, and for the past year i've been having such bad feelings about them. They seem to be making their own rules and changing things without properly explaining to me what is going on and i feel frightened and in the dark and want this over as quickly as possible. I have a letter from my parents to send to them, but i don't even know if the offer is likely to be accepted, or if i shouldn't bother at all. My parents want to help me out and they have the funds available, but there doesn't seem to be any guidance in what to do. Can you offer any advice?
Full and Final Settlement Accepted 10/03/2014
Certificate Of Completion 3/4/2014!
I Did It!!
I would say that an increased offer of £5,000 ought to be more reasonable, but you really will have to chat this through with your IP if you want it to be put forward.
Freeman Jones have representatives who occasionally post on this forum to deal with client complaints, so hopefully one of them will pick up your post tomorrow and encourage you to make contact with them. Your concerns may relate to a breakdown in communications with the firm, and I am sure that they will want to put this right once they can.
I think if i offer £5000 i'll be paying more than the final figure of the IVA, I thought by the time things got rolling it would be approximately £4000 to pay anyway, and i've heard you can take of the fee's from the supervisor... as freeman jones arnt doing a good job, i dont want to pay more than what i have to.
it just seems so complicated, when really it should be straight forward and simple. i think i will call them tomorrow and see what they say.
Thankyou for your reply.
Full and Final Settlement Accepted 10/03/2014
Certificate Of Completion 3/4/2014!
I Did It!!
If you have 30 months remaining at £170 then you have £5,100 left to pay by my reckoning Charlee? This is the best way to formulate an offer of full and final settlement - as you still owe the full value to your creditors and not the amount you promised to repay over the term.
see this is where i get confused, as freeman jones keep changing what im paying without telling me why, the amount that is supposed to have been wiped off by entering the IVA seems to not have been wiped off at all. I've read that you can offer less than the repaying amount, but if they change the amount again, without telling me like they have twice before, i have no idea where i stand with how much i'll eventually be paying back. entering this IVA has effectively ruined my life anyway! it's made me homeless and struggling for every penny, and everytime i ask for details of changes in writing they call me, which doesnt help because i dont understand half of what they're talking about. there is no security like i was promised. i made a complaint, but didnt get me anywhere. i just want it gone so i can rebuild my life. if they dont accept this early settlement it'll be as good as making me bankrupt. taking an IVA was the worst decision of my life!
Full and Final Settlement Accepted 10/03/2014
Certificate Of Completion 3/4/2014!
I Did It!!
I just wanted to say how helpful Samantha was. I am so much clearer with what I have to do now, and will start proceedings as soon as possible.
I just wanted to say thanks to Samantha for taking the time to call me, and to go through the process in a lot of detail, with a lot of patience.
I really appreciate the help.
Many Thanks
Full and Final Settlement Accepted 10/03/2014
Certificate Of Completion 3/4/2014!
I Did It!!
We are trying to offer a final settlement which has been gifted by parents, I have submitted letters etc via email and been told that they need to disclose where the funds are from, my parents are not happy to disclose their financial information to us let alone FJ as they feel that it is none of their business where their money is situated. They have offered to transfer the money into our Think Banking account so we can settle it but I have repeatedly emailed FJ to get a response as to if this is acceptable and they have failed to get back to me and now we are another month down the line when I could have got somewhere handy in getting an offer accepted. Through their lack of response I am half tempted to contact my creditors myself and make an offer as they seem not to be able to answer the question. The offer of the money from parents is for a limited time and if we dont get answers soon they will withdraw the offer, which means even longer in the IVA. Can anyone give me some advice. 2 years into a 5 year plan.
FJ wanted the same from my parents, and they were concerned about giving their bank details over to them as the IVA is in my name and they were worried that if for some reason i missed a payment or something then they had access to their bank details. However, when i questioned this with FJ this isn't actually the case. From what i was told, the only reason they wanted to see a bank statement from my parents is purely for the amount in the account. I offered £4k, and my mum needed to show freeman jones that 4K is available in her account to pay it. They don't take any details from them whatsoever. That gave my parents the piece of mind to show the bank statement with the amount in it. My IVA has nothing to do with them or their credit rating, and if i miss anything on it, the onus is on me... if that makes sense. My mum sent across her bank statement, and then she phoned the bank to see if anything had happened. Nothing had, and all the need the statement for is for the evidence to take to the creditors meeting. They need to put in the variation report that they have seen the funds are available to transfer if accepted. Thats literally it. Hope that helps! I'm still waiting for the meeting. Well into the 30 days but heard nothing yet. Still waiting! Hopefully not for much longer. I started my F&F process in January! x
Full and Final Settlement Accepted 10/03/2014
Certificate Of Completion 3/4/2014!
I Did It!!
Have you had a date for your meeting yet. We are with FJ and started f&f 13 January was told friday that report was in post nothing arrived up today's post tried to ring Samantha got answer machine, left message hopefully she will call me tomorrow don't know why they couldn't' email me. Even if we return the report by Friday lucky if creditors meeting will be before end of March. It seems to have taken ages compared to others on the forum. Good luck with your f&f
thanks charlee for the info, they did try and ring me at 6.50 last night and when I called back i was met with an answerphone message. maybe they will call me today, I just think that if someone is prepared to give us the money why should the prove they have it in the first place, anyone would think that all our parents are suspect for having the money! they were always very thrifty, I wish I was then I would not be in the position I am today!
