I have been given a F&F amount by my supervisor and they are in the process of arranging to meet my creditors. They have advised me to carry on making payments for now but will I be able to knock these payments off the balance if it is agreed?
I presume you mean that your IP has agreed to put forward a sum that you have offered as a full and final?
You do need to carry on making the payments. If it is refused, then if you hadn't made any payments, you would be in arrears.
I imagine that your F&F offer will be on top of those payments, as your creditors will want as much back as they can get.
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
If the money is coming from a third party, and you have made ongoing IVA contributions in the period between that money coming available and the variation being proposed, there should be no reason why the lump sum could not be reduced in direct proportion.
I contacted my supervisor regarding a F&F and they worked out the amount for me. I was confused as one person I spoke to at Synergi said I could cancel my direct debit payments and when the letter arrived stating the F&F figure it told me to carry on making payments as the process could take 28 days.
Melanie are you saying that once your iva provider has agreed to putting forward a f+f any monies paid between that and the creditors meeting can be taken off the amount?our iva provider agreed on friday that our offer was a good one and once i send him proof of no equity and a letter from my sister stating she is lending us the money,he;ll proceed with the offer a payment is bound to come out in may as the meeting takes time to arrange so does this mean we can deduct that payment if the meeting agrees to f+f??[:I]
It purely depends upon the wording that the IP puts into the variation that is put forward to your creditors. Without a specific mention with regard to the ongoing monthly contributions I think the lump sum will be in addition to what has been paid in. Debtor's wishing to put forward these F&F should clarify with their IP the point.
Last edited by David Mond on Sat Feb 14, 2009 6:10 pm, edited 1 time in total.
Regards, David Mond, Insolvency Practitioner for over 46 years. Personal Insolvency Practitioner of the year 2012, Personal Insolvency Practitioner of the year finalist 2013 & 2014 awarded by Insolvency & Rescue Magazine and 2015 finalist for Personal Insolvency Firm of the Year.
