KTC14 you do realise that the IVA will stay on your record for 6 years from the date it started. You will get certificate of completion if F&F paid but IVA will still show on credit files.
yes welsh wiz I understand that bit, having it active is worse than sitting on our file, one thing i know for sure is we will not be getting in this position again!
Couldn't agree more!! If nothing else it does teach you a lesson! I have never managed my finances as tightly as I do now, and always ask myself do I really need it before I buy anything other than the essentials, surprising how many times I tell myself NO where in the past would have bought it without thinking!
NOT HAPPY - spoke with the PPI team last night, called me at 5.50pm - apparently all my reclaimed PPI can not be used as part of a F&F settlement and its Lloyds right to that money as they are 95% of my creditors and the PPI has come from their products and all that can be offered is my statutory interest along with additional offer from relatives. Some of the PPI is from loans over 20 years old and not in the IVA - I'm livid - we are now taking advice - I'm now getting the distinct feeling that they dont want us to pay it off, I wonder why!
sorry your no further on, but surely when you spoke to FJ last night they must have pointed out that the PPI money will added to what you have paid into IVA so will actually make returns higher for creditors, what would be total repaid when you add all contributions paid to date plus ppi monies plus f&f figure?
I’m sorry you’re not happy with the outcome of your conversation with us.
How PPI is dealt with depends on your proposal and the terms and conditions attached to it. In this case the PPI refunded is already an asset of the arrangement and therefore cannot be included as part of your offer to settle. As welshwizz has pointed out the PPI that has been refunded will however reduce your overall debt liability.
I understand you are keen to put the IVA behind you and you’re looking to make a Full and Final offer which we will be happy to put forward subject to us receiving any required supporting information.
We are here to support and advise you throughout your IVA and welcome any settlement offer you have.
If we can help any further please don’t hesitate to get in touch.
Thank you
Sarah Jolly IMA CMAP - A member of the IVA team at Freeman Jones
What I need to get is a Settlement figure including any costs with offering a F&F settlement early. If the PPI reduces my overall debt and not my payments then does it reduce my term? I bet not! I have a meeting with my Financial Advisor on Monday. Sarah can you help me with this information showing the debt, PPi reduction and remaining amount for the term. They hold my email on file - if you can help me get this for Monday I would appreciate it. I will also contact the PPI contact I have at FJ and get the info from him too, so hopefully I can sit down and go through it on Monday and get some sort of offer in.
KT -- a F&F is usually simply based upon the number of months remaining multiplied by the current monthly amount, plus any addition for equity (unless you can demonstrate there will be none). Again, currently, the usual amount to cater for the equity is 12 months payments.
This is usually acceptable as it will give the creditors what they signed up for.
Only if you hit 100% of the original debt paid back other charges might kick in.
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 - I can see now why these IVAs seem a good idea but when you come to want to get it paid off early, the problems and guidance seems to be hard to get your head around.
We are in the process of calculating a 100p£ figure for you which is the amount needed to pay your IVA off in full. This will take into account fees and anything that has been paid to date including PPI refunds.
Foggy has explained you can still make a Full and Final offer of less than this figure if you are in a position to do so.
The team will email you the required information so you have it ready for Monday.
Thank you
Sarah
Last edited by Sarah Jolly on Fri Feb 28, 2014 2:08 pm, edited 1 time in total.
Sarah Jolly IMA CMAP - A member of the IVA team at Freeman Jones
Foggy... Feel free to tell me to b***** off and wait and see, but do you know why it took almost 6 months to get your completetion certiicate? Only when i spoke to samantha the other day she said the worst part of the f&f was waiting for the creditors meeting as it feels like the longest wait ever, and after the yes or no at the meeting everything goes into a double time to finish off, just wondering if, and its a big if, my f&f is accepted should i be expecting to wait 6months for the certificate? X
Full and Final Settlement Accepted 10/03/2014
Certificate Of Completion 3/4/2014!
I Did It!!
Will be interesting to see how long you have to wait as you will be nearly 3 weeks ahead of me providing both our offers are accepted at the initial meeting and no adjournments.
Charlee --- I would never tell you to B****** off !!!
Some firms issue the certificate within weeks, some take a year or more! Much depends on the PPI position and how each firm deals with it.
Samantha was probably right in that the longest feeling part is the wait for the meeting. But, once you get your variation accepted you can at least stop payments
I was with GT, who have always regarded 6 months as the minimum period after final payment!
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! Hopefully shall wait and see how long it should take to get that back! any idea what happens with the monthly payments? Mine have stopped adding to the final amount and I'm paying it in just I case it's rejected so I don't end up in arres but if accepted will I expect to see the payments coming back to me or will they be added to the final sum? X
Full and Final Settlement Accepted 10/03/2014
Certificate Of Completion 3/4/2014!
I Did It!!
