F&F process

[trixie]

Morning folks - I have questions about Full & Final offers.

My case officer is now on holiday and no-one else appears able to help me so I am turning to you more helpful and understanding forum people.

I made a F&F offer on the 2nd of June. 11 1/2 weeks later I have FINALLY been given a date of the 22nd September for my creditors to meet. I have no idea why it has taken so, so long to get it all arranged, sometimes it has felt as if they were just delaying for the heck of it, or perhaps it is business policy to stretch it out to the most they can, I don't know, but it has been agony. There have been no difficult questions or problems from my side just total apathy on theirs. So anyway, my meeting date is another 4 1/2 weeks. I have no idea if this is usual - 16 weeks to wait for a F&F meeting?!

I was instructed to pay £19K at the start of my IVA back in April 2009 over 6 years. By next week I will have done 5 ½ years and paid just over £17K. My mother has offered to give me £1.75K so that is the offer on the table at the meeting. The 4 months to get this meeting arranged will mean that with this offer I will only be £300 short of paying the full amount that was agreed 5 1/2 years ago.

My questions are – do you think it is likely they will accept? And if they do am I still expected to make the final £300 payment at the end of September or will 22nd September be the end and everything stops from there? Or do I still have to send them my payslips etc for the next 6 months till I am discharged? I haven’t for years but there are rumours at work we may get one next year and I am worried they will see I have a payrise (fingers crossed) and come back for more money. I’d appreciate some advice and thoughts about how it all works.
Thank you.

[trixie]

I had trouble making this posting and at the last bit I meant that there are rumours at my place of work we may get our first payrises in many years early next year; will my creditors have any claim to any payrise I may get before I am discharged next April? thank you.

[welshwiz]

Hi Trixie

Don't know the ins and outs of payrise issue can only give example of my own IVA, Made contact with Freeman Jones middle January to discuss this end of January was given draft report when we returned this ok they had to give creditors 30 days to reply our meeting was held in March and in total took just over 6 weeks from first contact to acceptance and completion certificate took 2 weeks from full and final payment clearing, did have some issues with FJ but can honestly say they were really good with this, (I think posting on the forum help if your company picks it up) who are you with? Good luck for 22nd will be on holiday then but will look out for you post when I came back saying F&F successful. As for what you are paying back the main thing to remember is until you receive your completion certificate you are still liable for the full amount of debt owed to creditors not just what was agreed for IVA also IVA company will add there fees. Reading some posts on here some have paid back total amount of debt plus IP fees plus interest. I am sure Foggy or Leslie will be along and explain this to you.

[Foggy]

Once the F&F is accepted you will not be expected to make any more payments. They will do a final review to check all that was due to that date has been paid.

Pay rises are not normally taken into account until the annual review following the rise, (although some IPs do try to get it from the date of the increase -- so check your proposal wording) so hopefully you will get away with having to pay any increase. If it does get captured you will have to pay over 50% of the increase.

I am afraid what will happen is all down to timing and to the attitude of your IP and cannot be more specific.

[trixie]

Well after 16 weeks of painful, frustrating waiting for my Full & Final Settlement meeting, and being specifically told to 'be available' by the phone at 10am this morning, the result was.............................................. a big fat NOTHING.

At 12.30 I still hadn't heard anything so phoned up Payplan (because that is who I have my iva with) and they couldn't tell me anything. They said yes, it was due to happen, but nothing had been communicated.

So after having taken a half day off work, now wasted, I had to go into work but left my phone on, and still nothing nor any emails. I have emailed my case officer to find out when they will tell me the result, but really after telling me to 'be available' this morning for the result it doesn't bode well.

I am THOROUGHLY fed up. I made them the offer 16 weeks ago so really it's not great to not even communicate with me and keep me in this limbo. I just want to pay this and get on with my life. [:(][:(][:(]

[Michael Peoples]

Not good communication especially since this firm is promoted by the banks. Whatever the outcome of the meeting you should be told even if no one voted and they have to chase up creditors.

[trixie]

HURRAH!!!! They left a message at 4.30pm today to say my offer has been accepted! I have gone through a range of emotions - elation, RELIEF, grief (at a wasted decade in debt), RELIEF again, hope - everything! I now await the paperwork.

however. it appears I am not quite free yet. I came home to another letter from a company called CCS Collect demanding an immediate payment of £358.62 on behalf of the Department of Work and Pensions. Too crazy. It is at least 10 years since I have received any benefits so I can't imagine what this is about. I was never aware of this so didn't put it forward into my IVA. I don't think the timing is any co-incidence either. My IVA settlement was approved yesterday & they sent me the letter on that very same day. The letter threatens a Warrant of Execution for removal of property by the bailiffs if I don't pay immediately. I have sent my IVA case worker a copy to ask their advice but wonder what people here think too. Will it ever end....?

[Michael Peoples]

The debt may be captured by the IVA but the DWP are a strange bunch. Normally they cannot recover if you are not on benefits so accept what comes from the IVA.

Tell CCS about the IVA and let them and Payplan sort it out.

[trixie]

Thank you. My case officer at Payplan is going to contact them. I will try to call CCS tomorrow and hope they are amenable. I cannot find a phone number on the DWP website to call about this directly.

[luluj]

Great news your F&F was approved..... enjoy debt freedom!