I'm in the final year of an IVA with FJ, I have proposed a F&F settlement offer with the help of my parents. I have been told by FJ that it will take 2-3 months to prepare the file and a further 30 days before the creditors meet, I could be looking at a 4 month wait in total....before a decision is reached. Is this a realistic timescale and is there anything I can do to speed up the process. In the meantime, I am struggling financially due to a reduction in income due to a change in tax code and CSA payment.
Not too sure about the time scale but I do know that your IP can use their discretion to reduce your payment by 15% without going to creditors which may help in the short term. Cleardebt did this for us. We also had a payment break when the boiler broke and made a partial payment when the car broke that we paid back after our final regular payment. Perhaps one of these could help until you get a decision?
Hi Katie
Our f&f with Freeman Jones took 2 weeks for report from contact to offer f&f then the 30 days to wait for creditors meeting got call same day to say all agreed and completion certificate 2 weeks after f&f payment cleared. Try e mailing Sarah jolly on here she was really helpful with us. Good luck
I don't think that 4 weeks is at all unreasonable, especially if our clients have to provide information to support the need for the variation. The 28 day period is a contractual requirement in most cases, and that timescale is therefore unavoidable.
I will call FJ tomorrow to see if I can speed up the process. I'm also still awaiting for part of my PPi, I was told 8 weeks ago that I would be due £250.00 of a £3800 PPi claim, I don't understand why FJ have been holding this payment for so long. It is really frustrating having to keep calling an 0845 number, it has cost me a fortune in phone calls, I'm often on hold for 40 mins. Sorry for moaning, I feel so frustrated at the lack of service.
Yes 2/3 months just to prepare the file, then 28 day rule for creditors meeting! All annual and 6monthly reviews are up to date, they have received all documentation for F&F, can't understand why it will take this long.
Welsh wiz when did you complete your F&F? Was it recently? Maybe it is just down to sheer volume of clients asking for a F&F/ variation, not sure if this makes it acceptable though:-(
Spoke to FJ January regarding possible F&F, within 2 weeks Sarah and Samantha had sorted everything out and report was sent to creditors, had to wait the statutory 30 days, got phone call hour after meeting to say everything agreed, we sent payment and within 2 weeks of this clearing received completion certificate. I can honestly say if you email Sarah Jolly direct she will almost certainly help sort this out for you. I was in touch with a couple of others going through the F&F process and they received the same service. One even had their certificate a week after funds cleared, granted there are other issues (complaints etc) going on with the advice they were given. Try Sarah
Quick update: spoke with FJ, the file prep will still take the same length of time unfortunately, however, I'm really pleased as in the interim period my monthly payments into the IVA have been reduced by £200pcm...at least I can now manage, so really happy:-)
I believe it is 75%, in my case one company one holds the majority of the decision as most of my debt was with them...so really (as I understand it) it is ultimately dependant on their decision.
