F and F with payplan

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redmansteve

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Post by redmansteve » Mon May 23, 2016 11:24 am
Hello there,

I'm Just about half way through my IVA and if i make the remaining payments as they stand have £5226 left to pay. My Dad has offered to make a F and F offer to complete the Iva early, I'm just wondering what kind of offer have people made before and also what success people have had with payplan as that is who the Iva is with. The iva was changed so i am paying for 6 years even with a f and f payment would this stay on my file for the full original term?

Thanks in advance for any advice.
 
 

kallis3

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Post by kallis3 » Mon May 23, 2016 11:31 am
Hi,

I made a full and final with Payplan a few years ago and offered less than the original sum. I had to challenge them about a clause stating they would go for BR if it failed and this was removed but other than that it was plain sailing.

You have to make sure that Payplan are aware that this is only available for the F&F and will be withdrawn if it is not accepted.

Unfortunately the IVA will stay on your credit record for six years regardless of whether or not you pay early. It will drop off the Insolvency Register though.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley.
http://kallis3.blogs.iva.co.uk
 
 

redmansteve

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Post by redmansteve » Mon May 23, 2016 11:39 am
Thanks for your response, Just out of interest how much less did you offer if you don't mind me asking?

Did you just contact them through the messaging service on payplanplus to make the offer?

Thanks
 
 

kallis3

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Post by kallis3 » Mon May 23, 2016 12:01 pm
I used Payplanplus which I think is a great service but I can't honestly remember now, without looking at my paperwork, how much I offered as opposed to how much I owed.

I did a letter as well and sent that snail mail. I did have to up my offer slightly but that was all.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley.
http://kallis3.blogs.iva.co.uk
 
 

Lisa Thomas

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Post by Lisa Thomas » Mon May 23, 2016 12:02 pm
The key here is what your creditors decide - as each case is different no-one can predict how they will vote.

The more attractive the offer the more creditors are likely to accept it.

As you have 2.5years left to go (?), assuming no 12 months extension is applicable, then creditors may be more likely to accept a reduced offer. Perhaps start with £4.5k and see how you get on.

Nb early settlement does not mean your credit rating will be cleaned any earlier - it just gives you the ability to take control of your money again.
Last edited by Lisa Thomas on Mon May 23, 2016 3:21 pm, edited 1 time in total.
I'm a licensed IP with 16+ yrs at Neville & Co covering the South West area. I have a YouTube channel with advisory videos on here: https://www.youtube.com/channel/UCMPTTu ... Z5k9ZcC2MA http://www.nevilleco.co.uk 01752 786800 Lisa@nevilleco.co.uk
 
 

redmansteve

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Post by redmansteve » Mon May 23, 2016 12:11 pm
Thanks for your help, The original iva was increased by 1 year to 6 years so i would make more payments. after this month i am halfway through so i know what i would pay currently through to the end, i have no property so there would be no equity payment.

i would be happy just to take back control to be honest, i'm just waiting for payplan to respond to a message i sent on how to get the ball rolling, they're normally quite quick at responding but have not heard anything as yet.
 
 

Foggy

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Post by Foggy » Mon May 23, 2016 12:12 pm
I agree - I would go in at £4.5k but be prepared to up it ( after some theatricals) to £5k.

Remember, they will also be saving on admin over the course of the rest of the IVA, as will your IP.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
 
 

redmansteve

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Post by redmansteve » Mon May 23, 2016 1:19 pm
sorry to be a pain still, have you any advice on how i should word the offer my Dad puts forward?
 
 

Kazza

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Post by Kazza » Mon May 23, 2016 2:15 pm
Myself and my husband have interlocking IVA's with Payplan and are currently going through the F&F process due to his redundancy. We started the process 14th April by phone to our then case officer (we're now on our 5th one!) and the offer is now with the variation team and I'm being told they have a huge back log and the whole process could take about 3 months. Just though I'd give you the heads up that it's quite a long process! We've not even had a the proposal through to sign yet. Not complaining mind you as Payplan have been very good throughout the time we've been with them (almost 4 years). So good luck!
IVA started Sept 2012, Full & Final accepted Aug 16th 2016 & CC issued 10th Jan 2017
 
 

redmansteve

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Post by redmansteve » Mon May 23, 2016 2:29 pm
font size="1" face="Verdana, Arial, Helvetica">quote:<hr height="1" noshade>Originally posted by KAZZA

Myself and my husband have interlocking IVA's with Payplan and are currently going through the F&F process due to his redundancy. We started the process 14th April by phone to our then case officer (we're now on our 5th one!) and the offer is now with the variation team and I'm being told they have a huge back log and the whole process could take about 3 months. Just though I'd give you the heads up that it's quite a long process! We've not even had a the proposal through to sign yet. Not complaining mind you as Payplan have been very good throughout the time we've been with them (almost 4 years). So good luck!

Thanks for that at least it gives me an idea of timescales etc.
 
 

Kazza

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Post by Kazza » Mon May 23, 2016 2:38 pm
No problem. And also the letter we gave from the in-laws simply stated that they wanted to gift us £.... to put towards our F&f (we're using part redundancy money - not a lot as was just statutory gov pay) and making the point that the monies would no longer be available should the offer not get accepted. Very easy process just a silly long wait but hey ho eh.:)
IVA started Sept 2012, Full & Final accepted Aug 16th 2016 & CC issued 10th Jan 2017
 
 

redmansteve

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Post by redmansteve » Mon May 23, 2016 3:04 pm
font size="1" face="Verdana, Arial, Helvetica">quote:<hr height="1" noshade>Originally posted by KAZZA

No problem. And also the letter we gave from the in-laws simply stated that they wanted to gift us £.... to put towards our F&f (we're using part redundancy money - not a lot as was just statutory gov pay) and making the point that the monies would no longer be available should the offer not get accepted. Very easy process just a silly long wait but hey ho eh.:)
Has it been quite a simple process up to now then? my case officer has responded to me asking if i want to book a phone appointment so i'm going to do that to have a chat, he mentioned do i want to pay 100% of the debti owe as the intrest etc would be high i certainly don't want to do that.
 
 

Kazza

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Post by Kazza » Mon May 23, 2016 3:19 pm
My husband got made redundant, so I literally had a phone appointment (a week later as she was busy) and I simply told her what we wanted to offer - part gift part redundancy. We had to submit a valuation which clearly shows we have equity but I'm hoping due to the redundancy our offer may get looked upon favourably. There was no mention of paying 100% of debt. I'm not particularly hopeful tbh that the offer will be accepted as whilst it's a decent offer, not that we've proven we have significant equity they may just throw the offer out. Who knows and also husband has found another job. Having said that, I did word in my letter (all true) that the new job is double the distance, less salary and also a night shift! the supervisor signed off our offer though with no question and so it seems they are backing us but who knows what the creditors will say. I have found though that communicating with them via phone to be a good start as they seemed ever so helpful and really put me at ease. Hope this helps.:)
IVA started Sept 2012, Full & Final accepted Aug 16th 2016 & CC issued 10th Jan 2017
 
 

Lisa Thomas

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Post by Lisa Thomas » Mon May 23, 2016 3:24 pm
“Dear XX

My IVA

My XX has kindly offered to gift me £xxx to settle my IVA early.

Please can you call a meeting of creditors to see if they will accept this one off lump sum payment.

The offer is only being made if creditors accept it. Payment can be made within 7 days from acceptance.

This will bring the IVA to an end nearly xx years earlier than originally estimated.

I have never breached my IVA and have always fully cooperated with my Supervisor.

This is all my xx is able to lend me for this and I hope creditors will look upon this offer favorably so that I can try and move on with my life.

I have enclosed a letter from xx confirming that they are willing to gift this sum to be, together with a copy of their bank statement proving that they have the funds available.

Any contributions I pay into the IVA in the meantime will be deducted from the lump sum.

Please include a copy of this letter to the creditors when writing to them.

Thank you etc etc”


Tweak it accordingly.

Your IP only has 21/28 days (depending on your terms) to send the offer to creditors and call the variation meeting to vote on it.
I'm a licensed IP with 16+ yrs at Neville & Co covering the South West area. I have a YouTube channel with advisory videos on here: https://www.youtube.com/channel/UCMPTTu ... Z5k9ZcC2MA http://www.nevilleco.co.uk 01752 786800 Lisa@nevilleco.co.uk
 
 

redmansteve

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Post by redmansteve » Mon May 23, 2016 3:25 pm
font size="1" face="Verdana, Arial, Helvetica">quote:<hr height="1" noshade>Originally posted by KAZZA

My husband got made redundant, so I literally had a phone appointment (a week later as she was busy) and I simply told her what we wanted to offer - part gift part redundancy. We had to submit a valuation which clearly shows we have equity but I'm hoping due to the redundancy our offer may get looked upon favourably. There was no mention of paying 100% of debt. I'm not particularly hopeful tbh that the offer will be accepted as whilst it's a decent offer, not that we've proven we have significant equity they may just throw the offer out. Who knows and also husband has found another job. Having said that, I did word in my letter (all true) that the new job is double the distance, less salary and also a night shift! the supervisor signed off our offer though with no question and so it seems they are backing us but who knows what the creditors will say. I have found though that communicating with them via phone to be a good start as they seemed ever so helpful and really put me at ease. Hope this helps.:)
Thanks a lot Kazza hope they sort it for you!!
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