Full & Final question
Posted: Tue Feb 16, 2021 11:17 am
Hi there,
I have another question regarding F&F as its been a week now and I still havent had a call back from CF although I did get an email. I am a bit confused really. I have 2 years remaining and pay £260 per month. I own my own home with my partner who is not in an IVA. My mortgage is high and very little equity.
On the email I have had from CF it basically says for a F&F I can offer any amount I want and no mention of the equity release clause.
Option 1:
The 1st option (i.e., closing the IVA without having to go through the creditors) involves an amount of £xxx. This amount clears off all your outstanding debts in full along with the fees of the IVA. Upon receipt of this amount, we will simply pass the IVA to the closures department.
Option 2:
Any amount lower than this will fall under the 2nd option whereby we will need to convene a virtual meeting with the creditors for them to review the offer. Kindly note that acceptance and rejection will depend solely on your creditors at this level.
To submit a Full & Final offer, we require the following from the 3rd party making the offer on your behalf:
· Offer amount (a picture of a short letter signed by 3rd party or an e-mail specifying the amount being offered)
· Photographic ID (a picture of the driving license or passport)
· Proof of Affordability (a screenshot/picture of the third party’s bank balance would be fine)
There is no fixed ‘settlement figure’ applicable for the full and final. Creditors are likely to accept/reject a reasonable offer after considering the amount and source of funds being used to settle the IVA. Taking the above into account, the higher the offer put forward, the more inclined would the creditors be to close the IVA early. Bearing this in mind, it is up to you to advise how much your third party would be willing to propose.
I seem to be getting conflicting information and cant get hold of anyone to speak to at CF any advice?
I have another question regarding F&F as its been a week now and I still havent had a call back from CF although I did get an email. I am a bit confused really. I have 2 years remaining and pay £260 per month. I own my own home with my partner who is not in an IVA. My mortgage is high and very little equity.
On the email I have had from CF it basically says for a F&F I can offer any amount I want and no mention of the equity release clause.
Option 1:
The 1st option (i.e., closing the IVA without having to go through the creditors) involves an amount of £xxx. This amount clears off all your outstanding debts in full along with the fees of the IVA. Upon receipt of this amount, we will simply pass the IVA to the closures department.
Option 2:
Any amount lower than this will fall under the 2nd option whereby we will need to convene a virtual meeting with the creditors for them to review the offer. Kindly note that acceptance and rejection will depend solely on your creditors at this level.
To submit a Full & Final offer, we require the following from the 3rd party making the offer on your behalf:
· Offer amount (a picture of a short letter signed by 3rd party or an e-mail specifying the amount being offered)
· Photographic ID (a picture of the driving license or passport)
· Proof of Affordability (a screenshot/picture of the third party’s bank balance would be fine)
There is no fixed ‘settlement figure’ applicable for the full and final. Creditors are likely to accept/reject a reasonable offer after considering the amount and source of funds being used to settle the IVA. Taking the above into account, the higher the offer put forward, the more inclined would the creditors be to close the IVA early. Bearing this in mind, it is up to you to advise how much your third party would be willing to propose.
I seem to be getting conflicting information and cant get hold of anyone to speak to at CF any advice?