F & F

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Ruth.mh

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Post by Ruth.mh » Sun Dec 14, 2014 12:32 am
Hi,

A family member has very kindly offered the money so that I can make a full and final offer but I have a few queries that I wondered if someone could help me with please.

* Going by other comments I understand that a good starting point for the amount to offer is the number of payments left x monthly payment amount - is this correct?
In my case this is 23months x £415 = £9,545 would I offer 10k or 9k as another monthly payment is imminent. I have no property involved.

*What is the process? Obviously my first point of contact is to ring my IVA company but what would my family member need to do/provide?

*IS a family member offering to pay a F & F offer sufficient reason for the creditors to accept?

* unfortunately! I am one of the clients that has been moved to Creditfix from Melanie Giles and to be honest I am gutted. I carefully selected PJG and have found them to be fantastic all the way through my three years to date, Creditfix don't seem to have the personal touch and I am concerned about them helping me to achieve a F & F.

tHank you for taking the time to read my questions, any advice you can offer would be gratefully received,
Dreaming of the day that I'll finally be debt free!

My blog http://venus2129.blogs.iva.co.uk/
 
 

luluj

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Post by luluj » Sun Dec 14, 2014 5:35 am
I would offer £8500 - £9000 taking into account the time it will take to put the f&f into place and the payments that will be made in between. If you have any equity release clauses then you will need to add that in too.

Your family member will need to provide a letter confirming the available funds purely for the finishing of your iva ... this needs to be clear that should it not be agreed that you will not have access to the money.
You will need to explain why you wish to end it further .... if it is simply the offer from relatives thats fine.

You need to verbally inform your IP of the wish to make an offer and gain an understanding of their process before submitting your offer in writing / by email etc so your IP can then work on a F&F offer to creditors.
it works in the same way as your iva was set up .. creditors vote to accept or not.

If accepted your additional funds are sent by your relative and closure action is instigated and certificate issued.
If rejected your IVA continues with monthly payments.

Hope this helps.
Sharing from experiences of dealing with debt

There is a solution for everyone .... Just need to stay positive !

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Ruth.mh

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Post by Ruth.mh » Sun Dec 14, 2014 7:14 am
How long does the F & F process take? Or if it really variable between companies? I'm now with Creditfix, has anyone done a full and final with them?
Dreaming of the day that I'll finally be debt free!

My blog http://venus2129.blogs.iva.co.uk/
 
 

Foggy

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Post by Foggy » Sun Dec 14, 2014 10:26 am
It is variable from firm to firm, really dependent upon how much "on the ball" they are. Once the offer has been drafted it has to be presented to creditors, who have to be given 28 days notice.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
 
 

Michael Peoples

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Post by Michael Peoples » Sun Dec 14, 2014 4:11 pm
You should make the offer but advise that it reduces by the each monthly payment you make as this money has to be repaid. This means you would not be out of pocket if there was any delay.
Michael Peoples | McCambridge Duffy Insolvency Practitioners
http://www.mccambridgeduffy.com
If you would like to talk to me about proposing an IVA or have any questions at all please visit www.mccambridgeduffy.com
 
 

Ruth.mh

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Post by Ruth.mh » Sun Dec 14, 2014 5:03 pm
Thank you Michael, so basically you are saying that I should make an offer but advise that for each monthly payment I make in the interim, my offer will decrease by that amount.
Dreaming of the day that I'll finally be debt free!

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Shining

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Post by Shining » Sun Dec 14, 2014 5:16 pm
Never thought of advising that before Michael but a very valid offer I would have thought.
IVA final payment left the bank on the 26th January 2013...looking forward to a debt free future.
 
 

luluj

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Post by luluj » Sun Dec 14, 2014 7:46 pm
Yes Ruth ... it normally takes 6-8 weeks hence my suggested £8500-£9000 ... reduce it down by monthly payments as you go
Sharing from experiences of dealing with debt

There is a solution for everyone .... Just need to stay positive !

Look at my blog "All I wanted was a baby"
 
 

Tillergirl

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Post by Tillergirl » Sun Dec 14, 2014 8:16 pm
font size="1" face="Verdana, Arial, Helvetica">quote:<hr height="1" noshade>Originally posted by Ruth.mh

How long does the F & F process take? Or if it really variable between companies? I'm now with Creditfix, has anyone done a full and final with them?
Hi Ruth,

With regard to your question re: timescales I put forward a F&F offer whilst with PJG - I have since been transferred to Creditfix. I sent all documentation and PJG confirmed receipt of this on 6th Sept!!!!! 3 months later and I have heard nothing about a variation mtg!!!! I have emailed CF a couple of times. They have responded to my emails asking for my patience but couldn't even confirm the details of my F&F - I am waiting for the closures team to contact me with an update. Really disappointed its not been sorted before Xmas. My F&F was also a family member offering a lump sum purely to release me from the IVA.
 
 

Ruth.mh

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Post by Ruth.mh » Sun Dec 14, 2014 9:44 pm
Omg, what a nightmare! I'm ringing them tomorrow to get the ball rolling, hopefully they are getting organised because leaving people dangling like that is unfair and unacceptable.
Dreaming of the day that I'll finally be debt free!

My blog http://venus2129.blogs.iva.co.uk/
 
 

Adam Davies

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Post by Adam Davies » Mon Dec 15, 2014 9:53 am
Hi

Make the offer based on a three month delay, put in your letter that the offer will reduce by any payments received after the 3 month period has elapsed

Good luck
Andam Davies
 
 

Michael Peoples

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Post by Michael Peoples » Mon Dec 15, 2014 12:59 pm
Definitely make sure that the offer reduces each month by the equivalent IVA amount. This would be easy for the IP to calculate and hopefully they can do it soon.
Michael Peoples | McCambridge Duffy Insolvency Practitioners
http://www.mccambridgeduffy.com
If you would like to talk to me about proposing an IVA or have any questions at all please visit www.mccambridgeduffy.com
 
 

Ruth.mh

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Post by Ruth.mh » Mon Dec 15, 2014 8:13 pm
I've spoken to Creditfix today and was advised that I should make an offer based on what would be paid if I continued until the end of the Iva. They said I should email a letter stating the offer amount and why/ how a f &f offer has come about. All of this makes sense. But I then said that if I make normal monthly payments, whilst a creditors meeting etc is being sorted, the overall amount the Iva would decrease so my offer would need to decrease (as described by previous posts from experts on here) they said no, the payments would just be extra money and the offer is the offer and it cannot change, is this right? I felt that the person I was dealing with was just a bog standard customer service operative and not an expert in what she was talking about as she put me on hold a lot whilst ''checking with her colleagues'. When I was with PJG I honestly felt that anyone I ever spoke to really knew what they were talking about so this is unnerving me.

Interestingly, CF also said they are totally up to date with the PJG transfers and everything is working at the normal timescales.
Last edited by Ruth.mh on Mon Dec 15, 2014 8:16 pm, edited 1 time in total.
Dreaming of the day that I'll finally be debt free!

My blog http://venus2129.blogs.iva.co.uk/
 
 

Foggy

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Post by Foggy » Mon Dec 15, 2014 8:27 pm
No -- they are just being difficult. An alternative would be to suspend payments until the offer is accepted. Put these payments aside in case the offer is rejected and you can use it to catch up.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
 
 

Ruth.mh

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Post by Ruth.mh » Mon Dec 15, 2014 8:41 pm
Thank you, I think that I didn't speak to the right person. She lead me to believe that there is an actual dept for dealing with queries such as mine and if so, she should have transferred me. I shall ring again tomorrow.
Dreaming of the day that I'll finally be debt free!

My blog http://venus2129.blogs.iva.co.uk/
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