F&F

[Aaron]

Hi,

About to offer up a F&F returning the original dividend. My creditors were...

Bank of Scotland
Northern Rock
Halifax
Virgin
Egg
Morgan Stanley

Most of my debt has been sold on to Eversheds/Max Recovery.

I am borrowing the money from my brother to pay the F&F and paying him back.

My reasons for F&F are:

1) My bills have increased a lot since breaking up with my partner
2) I just want to get out of the IVA and fix my credit profile so I can buy a house in the next few years

Can you tell me how long it will take for my F&F to be approved and also what are my chances of the F&F being accepted based on what I have said above? Thanks.

Aaron

[Viki.W]

Hey Aaron, an expert will be along to advise you shortly. Regarding your credit profile, whether you offer a full and final settlement or carry on repaying monthly, your credit history will still be bad for six years from the date of your creditors meeting. Viki X

[Aaron]

Hi, thanks Viki. Date of what creditors meeting? When my IVA was approved? This was July 2006. Thanks

[Viki.W]

Yes, I believe so. It will fall off your records July 2012. An expert will help you on the rest.....or correct me if I'm wrong on that bit! X

[MelanieGiles]

If you are offering a similar dividend to that which the creditors originally accepted, then I would have thought it would stand a good chance of acceptance. With regard to timescale, if you can give your IP the money prior to the meeting, there is no reason why he cannot do a combined Chairman's and closure report and close the case within 4 days of the meeting.

[Viki.W]

That sounds good Aaron, good luck, let us know how you get on. Viki X

[Aaron]

Thanks very much for your help Viki and Melanie. So will it take about 30 days to arrange a meeting? Also apart from money and maybe a letter saying my brother is helping with the money will I need to send them anything else? Just want to send everything to them and get things sorted asap.

Thanks.

[MelanieGiles]

I cannot speak for your IP with regard to timescale - you will need to ask him/her that question directly.

[Soulgrowth]

Hi Aaron

I've just offered a successful F&F. I was originally offering the same dividend as in my IVA 26p but the incoporation of another creditor brought the dividend down to 19p. Most of my debt by now is with Max ... they were the only ones to vote at my recent variation meeting ... and they voted 'yes' [:)]


Debbie

[Aaron]

Thanks Debbie. That's good news and glad you got it sorted out. I hope for the same. I should find out how much of my debt is with max recovery....thanks.

[drowning-mummy]

Can I just ask a question regarding this? Very new here.
Lets say I have a windfall 2 years in, say inheritance of £10,000. Is that then surrendered and my payments continue as normal or can I propose with the help of my IP a F&F? Or is a F&F only if someone is willing to put forward the money for you and not a windfall?

[Viki.W]

Hey drowning-mummy, I think if you were to inherit a sum of money which would be EQUAL to the amount that the creditors would get back if you were to carry on until the end, then yes. But I doubt they would accept it as a full and final if it was much less. Does that make sense, I just re-read it and even I'm confused now.....experts to the rescue please!! Viki X

[drowning-mummy]

Yes that does make sense Viki, I just thought that they would want the windfall and the payments so that they could recover as much debt as possible. But I also notice that the big boys sell the debts on. I didnt know that, so perhaps thats why they would settle for less, because that is what they paid for it, if you understand me. Yes Viki, I agree, expert please!

[cat 1]

Morning Drowning Mummy.I play the 'what if' game too.Occassionally buy lottery tickets.Decide if I'm going to work my notice or not.Usually NOT.Then I worry who will look after the animals when I go away somewhere very warm with lots of sea for the forst month...Then I wake up I suppose at 6.30 just in time for yet another day [:)]

[Viki.W]

Hey, there is hope.......if you remember, I won the lottery a couple of weeks back, £99.00. Unfortunately, that's only less than 1% of my debt, so not sure I'm at the bargaining stage just yet! [:D][;)] Viki X