Full and Final....No idea where to start

[Cariadqueen]

Hi Everyone

After the worries and uncertainties with Creditfix we are hoping to get a full and final together by asking a family member for help.

The thing is i have no idea how to go about this! is there a formula on how much to offer for a full and final?

Many thanks in advance for any help you can give xx

[Shining]

Hi, what a lot offer is the amount of payment multiplied by how many months left. What I would suggest as others have is that whatever the offer is reduced by the monthly payments until meeting date as it can take several months to put meeting in place.

[thisusernameistaken]

Cariadqueen, strangely enough I've had similar conversations over the last couple of days following the CreditFix takeover.

None of my family are in a position to come up with this amount of cash but I've been earning commission regularly over the last few months so with some dedication and hard work over the next 6-12 months I may be able to make a realistic F&F from the 50% uplift I'm allowed to keep.

My concern is that my overpayments into the IVA may then be at such a level that the creditors would rather keep me in it than settle it with an offer.

[abbiesmum2003]

Yes we have too. Unfortunately theres still to much to ask anyone to fund and the person who could help doesnt know and we're too ashamed to tell....however im
so stressed and anxious about the future with CF id rather tell family about iva and try to get out of it. I doubt CF would make a F&F a smooth uncomplicated issue though and would make it drag out.

[thisusernameistaken]

A F&F won't give them much chance to rinse us further for more cash...

[Cariadqueen]

Afternoon everyone, This is a really stressful situation for all of us to be in, and in my heart of hearts i don't think CF will make it easy for us to offer a F&F.

Apparently from what i have read they are not putting any F&F's through as they are holding out for a mass variation which ofcourse is another issue i think we are going to come up against.

Hubby pays over quite a bit in overtime each month at the moment too, so like you thisusernameistaken im wondering whether CF are going to want to bring our IVA to a close!

On top of this our review is now overdue and i have been worrying about sending my bank statements, not that we have anything to hide but it just feels a little intrusive to me and there is always that concern that they are going to try and question every debit we make from our account!

Time will tell i guess, it's a huge relief though to have this forum and to chat to people who are in similar situations....especially with CF!

[thisusernameistaken]

I've already altered the way I live day-to-day in order to minimise how my personal spending appears on my bank statements. I'm angry that I feel I have to do this as someone at CF will be reading through it all.

[Lou74]

What is a mass variation? Sounds a bit scary. Can that mean we are forced in to new t&cs anyway?

[Cariadqueen]

From what i can make out Lou its CF waiting for a number of cases of people wanting to do f&f's and then putting them forward at the same time, rather than on an individual basis.

[Lou74]

Oh, I see. Thanks Cariadqueen. Thought it was something to do with the new t&cs. It seems a bit unfair to make you wait?

[Cariadqueen]

Yes it does, we are still waiting for someone to get back to us to discuss a f&f in detail, not sure when that will happen! Im sure though that the new t&c's are going to be mentioned at some point!

[Sonicboom]

We are with CF and recently put forward a F&F offer. Creditors meeting set for Feb 20th. We haven't signed the new t&cs either.

[Cariadqueen]

Good luck Sonicboom, let us know how it goes.

[Shining]

Yes good luck from me too sonicboom, let us know how it goes.