In normal situations I would have thought £3k would have been enough and a simple variation could be called. However I have no idea how long it would take CF to call a variation meeting as apparently they are not doing so at present. If you therefore offered a full and final of £3k and it took months for the variation to be called you would be no better off and possibly even out of pocket.
If you do make an offer ensure that the figure reduces each month by your equivalent payment. Some firms allow you to suspend payments pending the outcome of the F&F but if CF are not holding meetings there is a danger you could default before the meeting was even called.
You really need to speak to CF as any advice given would relate to a normal firm under normal conditions so you need to find out from them how long it would take to call the meeting. They may ask you to sign their new terms and conditions before they call and F&F meeting and that is up to you.
I would say that unless you have a really good reason for offering a F&F (i.e. some major event with the potential to reduce the future payments into the arrangement), then any offer would have to be fairly close to the total remaining payments.
Although your creditors may like the idea of getting their remaining funds early in a lump sum, they face a very real risk of losing out they accept your F&F, then you have a substantial windfall/income increase in the next 17 months.
At the end of the day I suppose creditors tend to be corporations with no conscience or empathy - they will make decisions according to what will benefit them most and maximise the money they recover from you - how will you make your F&F offer appeal to them in that regard?
Last edited by ilikewatch on Thu Jan 29, 2015 10:19 am, edited 1 time in total.
"If you think it's expensive to hire a professional to do the job, wait until you hire an amateur."
We put in for an f and f with CF at the end of Dec And recieved our variation date on 11th January. Our Variation meeting is on 11th feb. I hope that helps.
Sorry for the late reply, many thanks for all the comments - you guys are awesome.
font size="1" face="Verdana, Arial, Helvetica">quote:<hr height="1" noshade>Originally posted by Michael Peoples
In normal situations I would have thought £3k would have been enough and a simple variation could be called. However I have no idea how long it would take CF to call a variation meeting as apparently they are not doing so at present. If you therefore offered a full and final of £3k and it took months for the variation to be called you would be no better off and possibly even out of pocket.
If you do make an offer ensure that the figure reduces each month by your equivalent payment. Some firms allow you to suspend payments pending the outcome of the F&F but if CF are not holding meetings there is a danger you could default before the meeting was even called.
You really need to speak to CF as any advice given would relate to a normal firm under normal conditions so you need to find out from them how long it would take to call the meeting. They may ask you to sign their new terms and conditions before they call and F&F meeting and that is up to you.
I had a similar figure in mind Michael. I suspect you’re right CF could take a while to call a meeting which would not work out in my best interest.
It would be better if they suspended payments until the outcome of any variation meeting but I don’t see that as an option with CF from what I’ve read.
I’ll give them a call and see what they say.
font size="1" face="Verdana, Arial, Helvetica">quote:<hr height="1" noshade>Originally posted by Andy Davie
Hi
Sounds a good offer to me
Regards
Thanks Andy.
font size="1" face="Verdana, Arial, Helvetica">quote:<hr height="1" noshade>Originally posted by ilikewatch
I would say that unless you have a really good reason for offering a F&F (i.e. some major event with the potential to reduce the future payments into the arrangement), then any offer would have to be fairly close to the total remaining payments.
Although your creditors may like the idea of getting their remaining funds early in a lump sum, they face a very real risk of losing out they accept your F&F, then you have a substantial windfall/income increase in the next 17 months.
At the end of the day I suppose creditors tend to be corporations with no conscience or empathy - they will make decisions according to what will benefit them most and maximise the money they recover from you - how will you make your F&F offer appeal to them in that regard?
I guess it was just the feeling of getting over and done with it all. I don’t have very long to go and I had suspected the F&F needs to be very close to the outstanding balance if theres a chance it'll be accepted.
I still envisage making these monthly payments so the creditors win either way. I had thought as I don’t own any property + assets they’ll be pretty willing to take any reasonable F&F.
font size="1" face="Verdana, Arial, Helvetica">quote:<hr height="1" noshade>Originally posted by mummyx2
We put in for an f and f with CF at the end of Dec And recieved our variation date on 11th January. Our Variation meeting is on 11th feb. I hope that helps.
Thanks for sharing! Did CF give you an option to suspend payments till the meeting?
font size="1" face="Verdana, Arial, Helvetica">quote:<hr height="1" noshade>Originally posted by mummyx2
We put in for an f and f with CF at the end of Dec And recieved our variation date on 11th January. Our Variation meeting is on 11th feb. I hope that helps.
mummyx2 can I ask where you originally a PJG client??? I have been chasing my F&F offer with CF since Nov and they are refusing to process pending their 'mass variation meeting' ????
It sounds to me like instead of holding meetings case by case as situations arise, they want to save up cases and do a bulk meeting. Could be wrong but thats what it sounds like.
Hi
yes i am an ex pjg person and they did offer me the choice of weather to continue paying or wait until the variation meeting. I choose to wait as it is so close to my usual pay date. However will put the money aside just in case my f&f is not agreed. I have been dealing with Stephanie at CF who has been very helpful.
i hope this helps.
