Full & Final Advice

[mal77]

Hi all, hope someone can offer some guidance.

We are just going into the final year of our 6 year IVA, 12 payments left. To cut a long story short, my car is 13 years old, 150,000 miles on the clock, and, with the help of family. has cost me upwards of £1200 in the last 6 months. It is on its last legs, and is in need of further work, including timing belt (£400+), and I am concerned that I will soon be unable to travel to work because of another severe mechanical failure. Inability to work, means a struggle to meet payments.

My parents have very kindly offered to further help us out and are willing to help us offer a F & F settlement, as they are aware of how much this is getting us down.

With 12 payments left, current payments of £420 a month, we were thinking offering a nominal sum of £5k as a settlement figure. We have kept up to date with payments & they have also taken a large slice of my redundancy (14 years worth) in 2010.

Do any of the mentors on here expect this would be a satisfactory offer, and if so, what would the process require from us, apart from the obvious process of offering the sum?

In terms of the equity clause, I have clarified this with our IP (PDHL) assessing the house prices and the amount left on our mortgage, we would not be expected to have the final year added as were in negative equity.

Apologies for the long post, just hope some on here can give us hope!

[Foggy]

£5k would give the creditors what they signed up for in terms of remaining payments, so would be a very good offer. I would specify that the offer amount will be reducing by £420 per month, as regular payments are made.

You simply need make the offer, pointing out that these are third party funds for the purposes of a F&F only and that, if the offer was rejected, would be retained by the third party. The IP will then tell you what they require, if anything ( they all differ).

[Lisa Thomas]

Hi There £5k is a good offer. You could even offer a bit less... Best to act quickly though as it may take a couple of months for your IP to call and hold the creditors variation meeting to vote on the offer and by then you should have made a couple more payments. I would offer £4k.

[plasticdaft]

Why not get your parents to fund a car instead? Given that it could take several months to arrange a full and final.

Even if they took the finance on a loan,in 12 months you could take over the repayments.

Just an idea.

Paul

[mal77]

They're just keen to see us out of this to be honest. The offer they have made was with the intent of a F&F, which honestly, after 5 years of this, is quite appealing.

Thanks for the response though, and it may be an avenue to explore.

font size="1" face="Verdana, Arial, Helvetica">quote:<hr height="1" noshade>Originally posted by plasticdaft

Why not get your parents to fund a car instead? Given that it could take several months to arrange a full and final.

Even if they took the finance on a loan,in 12 months you could take over the repayments.

Just an idea.

Paul

[mal77]

Foggy/Lisa, many thanks for the replies, appreciate you people taking the time to respond to us. We are going to try and speak to our IP later today, discuss the options and see what is viable.

Just stressed to hell with all this, it's been a tough 5 years and would be nice to draw a curtain and leave it all behind earlier than we had planned!!

[Lisa Thomas]

You're welcome. Be careful what you say - if you mention your parents can afford £5k then that is the amount they might press you for...

[mal77]

Thanks for the response Lisa. Much appreciated.

font size="1" face="Verdana, Arial, Helvetica">quote:<hr height="1" noshade>Originally posted by Lisa Thomas

Hi There £5k is a good offer. You could even offer a bit less... Best to act quickly though as it may take a couple of months for your IP to call and hold the creditors variation meeting to vote on the offer and by then you should have made a couple more payments. I would offer £4k.

[Shaun Vickery]

Good luck with it - you're nearly there.

[luluj]

How did you get on with your IP ?

[Miss Chatterbox]

Hi, I made a F&F back in April this year. Mtg was held and agreed. However I'm still waiting for certificate to say complete. We first had an issue with one creditor not getting back to IP with agreed amount of return. That's just been resolved and only now.. 5 months in... They have said they need to claim PPI..
Today I called them and they've said they are going to have another creditors meeting to agree to waver the need to claim PPI (I honestly don't think there's any to claim?!)
I'm loosing the will to live with how long the process is...
I'm worried they'll say no and that claiming the PPI process will take years to complete!

Anyone else have similar experience? Idea of timescales?
Can you get a certificate of completion and start rebuilding credit score even while they still claim for PPI?

Thanks

[lifenoteasy]

A deed of assignment for PPI is common and the Insolvency Service has stated that PPI should not be seen as a reason for delaying the CC.

[kallis3]

It doesn't have to be - my husband had his with a caveat that they would seek PPI but he had his CC within a month of his final payment.

[Lisa Thomas]

Well done on getting the variation through! The PPI should not delay the CC if they assign it. If they don't assign it but want agreement not to pursue it then they need to call and hold the variation mtg. They should have considered this at the time they called your F&F variation mtg so you might have grounds for complaint if this delays your closure....

[Miss Chatterbox]

Thank you for the responses, really helpful.
I got the report today requesting the creditors agree to settle with immediate effect, forgoing the need to claim PPI ...
Fingers crossed... Let's see what happens!
I do feel frustrated that this could have been picked up earlier, if it continues to cause delay I may seek to complain, although I'm not sure what good it'll do if I'm honest.

Many thanks