Please can you advise how long the F@F settlement process can be expected to take ?

[sparklysue]

I HAVE APPROACHED MY IVA PROVIDERS WITH A FULL AND FINAL SETTLEMENT PROPOSAL AT THE BEGINNING OF MAY AND AM STILL AWAITING THEIR REPORT TO SIGN SO THAT THEY CAN ARRANGE A MEETING WITH MY CREDITORS. THIS SEEMS TO BE TAKING A LONG TIME. CAN YOU LEASE ADVISE ME AS TO HOW LONG THIS PROCESS CAN BE EXPECTED TO TAKE.I WAS HOPING IT WOULD BE DONE BY NOW.

[Broke of London]

It shouldn't take too long to draft the offer itself but it depends on their backlog of work. Why not give them a call to check on progress? x

Welcome to the forum! x

[sparklysue]

Thanks for that I have contacted them last Friday as they have had my proposal since 3 may and they said the report was still in the process of being compiled. I didn't think it would take so long to get the report to me as my relationship manager initially said that I should have it within two weeks. I kind of get the feeling that they haven't done anything, as I believe that my relationship manager has now just gone on maternity leave. Maybe it has been overlooked. Thanks anyway[:)]

[kat68]

i requested an F&F be put to my creditors at the begining of january, it was accepted in the middle of april

[Broke of London]

Oh dear! Maybe you could re-send the info to your new relationship manager? Just to be sure in your own mind that the right person has everything the need. who are you with? They mY have a representative on here who can pick this up for you? x

[sparklysue]

I AM WITH FREEMAN JONES. THEY HAVE BEEN GREAT SO FAR, BUT WHEN I CALLED I SPOKE WITH SOME CHAP WHO TOLD ME THAT IT TAKES A LONG TIME TO PUT THE REOPRT TOGETHER, WHICH JUST DIDN'T SOUND CORRECT, AFTER ALL THEY HAVE ALL THE INFORMATION THEY COULD NEED, DON'T THEY? HE SAID IT WAS IN HAND AND THAT PRETTY MUCH I JUST HAD TO WAIT. I MENTIONED THAT MY RELATIONSHIP MANAGER HAD SAID THAT I SHOULD HAVE THE REPORT WITHIN TWO WEEKS AND THAT IT HAD NOW BEEN ABOUT 6 WEEKS, BUT HE SAID IT WAS IN THE PROCESS OF BEING DEALT WITH. DO YOU THINK I SHOULD CALL AGAIN - DON'T LIKE TO PESTER, BUT CAN'T REALLY MOVE ON UNTIL THIS IS DONE? [:(]

[Steven Hewitt]

Hi sparklysue,

I’m sorry that you have been given conflicting information. It does take us several weeks to gather all the information needed for a full and final settlement proposal. Once your Insolvency Practitioner is happy with the proposed variation to your IVA we send you a copy for approval. If you are happy and give the go ahead we send it to your creditors giving them 28 days in which to consider the new offer. So it can sometimes take several months to get everything done (as was Kat68’s experience above).

Without knowing the details of your case I’m sorry that I can’t be more specific.

Please don’t be afraid to call us – helping customers is what we are here for and we would certainly never consider it “pestering”!