Help Please with F & F Offer

[psbmids]

My partner is in the same position as you re: having a creditor who hasn't made a claim. Also the 10% rule applies. We are awaiting his variation meeting, which is happening on 25th O~ctober and are very concerned about the other creditor. We've a sum of money which has been allocated to the F&F but we've been told that we'll have to find a lot more if this last Creditor comes forward and claims.

Is there anywhere where I can read up on what this 10% rule is and what it'll mean if the F&F is accepted and paid out but then what'll happen to the last creditor who hasn't claimed.

Getting very nervous.....

[kpw]

Hi
Once the variation meeting has taken place,(if it is a F+F variation meeting) if majority in value(75%) agree and the offer accepted the IP can then give any creditor who has not made a claim 4 weeks to do so. He /she(IP) will normally have allowed 10% just in case a higher claim comes in. If they do not send in a claim in this time then they are excluded from arrangement and the IP distributes dividend. They have no further claim against you.
If you want to get an idea of what the claim should be and if it is what you have allowed for, then have a look at your credit ref file on line, where it should be recorded. Goole -credit expert(experian) and have a look.
Good luck. They will give you a 30 day free trial

[psbmids]

Thank you for this - much clearer now. However, any idea why therefore our IP would say that he's putting forward £24,800 as the amount for a F&F but if this last creditor comes forward we'll have to find another £14/15,000. This creditor is on the statement of Affairs but has never put in a claim despite phone calls, faxes and letters. The amount owed to them was £58K originally. The dividend being offered is 24.48p in the pound (Might have got decimals wrong from memory) and if therefore this creditor comes forward we'll have to find the 24.48pp£ of the original £58K owed, which is nearly £15K. It is a worry as it's difficult to understand all the rules.