Just thought i give you all an update on my Full and Final Settlement request. I have now received the draft proposal report after 3 months of waiting (Freeman Jones did keep me informed all the time) and have signed and sent it off.
So now just waiting to be advised when the creditors meeting will take place
I am feeling slightly nervous as previous full and final in November 2012 was declined although we were offering much less than the original proposal, asking the creditors to accept 40 pence in the pound against the original 46 pence in the pound.
Now i have 19 months left paying £369 a month (original proposal was to pay 60 x £300)so based on that figure have £7011 left to pay. The full and final is for £6,500 and will have to make another payment of £369 this month while waiting for creditors meeting so the creditors will get nearly all my remaining payments back if they accept.
Like i said my original proposal was for 60 x £300 payments (total to be repaid £18,000) and based on all the figures for the full and final i will have paid back just over £22,000 (original total debt was £28862). My circumstances improved during the IVA so extra was paid in over the past 2 years or so.
The original dividend was 46 pence in the pound and now the dividend will be 58 pence in the pound.
I just hope the creditors accept this proposal as they will receive nearly all the remaining payments about 17 months early and my circumstances could change.
Just wanting to here from the experts if this has a good chance of being accepted? My creditors are Natwest, Egg and MBNA although i think most been sold on by now.
So now the worrying starts again and the thinking of what if they decline this again
i have to say even though this has been a long 3 months to draft the proposal Freeman Jones have been very good, i have had a few problems before with them (especially a particular relationship manager) but i think it is also right to praise them when they have been good.
Thanks for the kind advice in advance.
