So the F&F offer should be based on 19 x your monthly payment. As you will be saving them a years admin costs, you could round it down slightly, but, obviously, the better the offer, the more chance of them accepting it.
You mentioned that your original debt was £13k --- was that the full pre-IVA debt amount, or the expected IVA payments ? How much do you pay monthly ?
Diane.20 wrote:So do you think 3k would be acceptable ? Would rather pay settlement then go through another year.
I would say that it had a fair chance. At the moment CF are having long delays with variations, having stopped them completely for a while, so it might be wise to add in a condition that the lump sum amount will decrease by the amount of payments made after a given date.
Diane.20 wrote:Sorry I am a bit dumb , what does variation mean ? Also do I put offer in e mail or post ?
By wanting to end early by paying a lump sum you are varying the original terms of the agreement, so a variation meeting needs to be held to ask the creditors if they agree to your proposed offer.
Email or post will do --- personally I prefer things of importance to be started by post (recorded delivery - keep a copy), so there is proof of delivery -- CF are not very good with communications, so best to keep track of everything.
They will tell you what they want, but most firms require a letter from the donor and evidence that the funds are available. Do not let dad pay any into your account to pay them -- it has to be from a third party.
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