Foggy wrote:They cannot claim anything other than outstanding PPI, or anything previously undisclosed by you, after completion. PPI : The 40% you have read about relates to claims company fees ... no claims company = no fees. All that your IP would be entitled to would be the fees agreed for his supervisory role (typically 15% of monies paid to creditors).Thank you for your quick response. Either way whatever the amount is will be gone into the remaining debt even though they have given me an early settlement figure which will be paid off soon.
Foggy wrote:First of all --- "Settlement" is usually taken as being the amount required to pay the balance of the full original debt, plus fees and possible statutory interest. Is this the figure they gave you ? If so then any PPI will be yours as everything will have been paid off.
Otherwise --- if what you are paying is a "full and final offer" ( based on agreed payments outstanding) then they will probably await the PPI outcomes, as you are doing this yourself and they have no control, before issuing the completion certificates.
In either case, after you have made the agreed payment, the normal completion procedures will still be carried out and can take up to 6 months, but during this time you will not be required to make any payments.
Foggy wrote:There will be a final review, either at the point of the payment or the next anniversary point, whichever arrives first, mainly concentrating on income, rather than expenditure. Technically, until they issue that certificate you are still in the IVA and bound by it, although not making regular payments and, if an anniversary passes they are supposed to conduct a review --- not sure that they all do though. In my case a review fell between the last payment and the certificate issue and my IP simply wrote to all saying "There is no point in conducting a review because it would be the same as the last review, therefore I propose not to conduct one". IP's do all vary in their practices !!
Foggy wrote:I wish you the best of luck --- I have to say that it is inusual for a firm to suggest any figure other than a full settlement. Might I ask who you are with ?
nicky948 wrote:That is uncommonly helpful of Creditfix and I have to give them credit for being of assistance here. Although they are jumping the gun, as it is the creditors who decide, But .... Good Luck.Foggy wrote:I wish you the best of luck --- I have to say that it is inusual for a firm to suggest any figure other than a full settlement. Might I ask who you are with ?
Yes it's credit fix. I emailed the variation insolvency practitioner what my final figure would be if my dad paid this off....
He came back with...
I understand that you wish to make a full and final offer to close your case early.
The full and final settlement amount required to close your case would be the outstanding balance on your file and a further 12 months payments for the equity in your property. I confirm this is £4,560. This is the amount that your creditors would be expecting from you in order to allow the case to be closed early.
nicky948 wrote:Hi Nicky! I am just jumping in here as (speaking from experience) I am also with Credit Fix and my advisor was also very helpful (too helpful) in telling me that if I offered the full amount (remaining payment total) as an F&F then it would definitely get accepted. They even gave me the figure to offer. My Father actually offered more than this amount and it was rejected!Foggy wrote:I wish you the best of luck --- I have to say that it is inusual for a firm to suggest any figure other than a full settlement. Might I ask who you are with ?
Yes it's credit fix. I emailed the variation insolvency practitioner what my final figure would be if my dad paid this off....
He came back with...
I understand that you wish to make a full and final offer to close your case early.
The full and final settlement amount required to close your case would be the outstanding balance on your file and a further 12 months payments for the equity in your property. I confirm this is £4,560. This is the amount that your creditors would be expecting from you in order to allow the case to be closed early.
katieweeks1 wrote:nicky948 wrote:Hi Nicky! I am just jumping in here as (speaking from experience) I am also with Credit Fix and my advisor was also very helpful (too helpful) in telling me that if I offered the full amount (remaining payment total) as an F&F then it would definitely get accepted. They even gave me the figure to offer. My Father actually offered more than this amount and it was rejected!Foggy wrote:I wish you the best of luck --- I have to say that it is inusual for a firm to suggest any figure other than a full settlement. Might I ask who you are with ?
Yes it's credit fix. I emailed the variation insolvency practitioner what my final figure would be if my dad paid this off....
He came back with...
I understand that you wish to make a full and final offer to close your case early.
The full and final settlement amount required to close your case would be the outstanding balance on your file and a further 12 months payments for the equity in your property. I confirm this is £4,560. This is the amount that your creditors would be expecting from you in order to allow the case to be closed early.
I do not want to bring you down but I have been stung by doing exactly what was told of me by CreditFix - which is very disappointing so I am very interested as to hear how this goes for you?
I am lucky that my father has still got his pot of money for me to offer as he is desperate for me to get out of this IVA but my creditors don't want it! Or CF are not doing something quite right. I am waiting a few more months before trying again. As I am hoping surely they will accept that same amount originally offered after more payments have been made?!
Do let me know how it goes! Thank you so much and good luck!
nicky948 wrote:Katieweeks1katieweeks1 wrote:nicky948 wrote:Hi Nicky! I am just jumping in here as (speaking from experience) I am also with Credit Fix and my advisor was also very helpful (too helpful) in telling me that if I offered the full amount (remaining payment total) as an F&F then it would definitely get accepted. They even gave me the figure to offer. My Father actually offered more than this amount and it was rejected!
Yes it's credit fix. I emailed the variation insolvency practitioner what my final figure would be if my dad paid this off....
He came back with...
I understand that you wish to make a full and final offer to close your case early.
The full and final settlement amount required to close your case would be the outstanding balance on your file and a further 12 months payments for the equity in your property. I confirm this is £4,560. This is the amount that your creditors would be expecting from you in order to allow the case to be closed early.
I do not want to bring you down but I have been stung by doing exactly what was told of me by CreditFix - which is very disappointing so I am very interested as to hear how this goes for you?
I am lucky that my father has still got his pot of money for me to offer as he is desperate for me to get out of this IVA but my creditors don't want it! Or CF are not doing something quite right. I am waiting a few more months before trying again. As I am hoping surely they will accept that same amount originally offered after more payments have been made?!
Do let me know how it goes! Thank you so much and good luck!
Katieweeks1
Thank you for your message.
Oh wow that's crazy, I must say until I have the completion certificate in my hands I'm not getting my hopes up at all as you just never know which way it will go but praying it does lol.
Did you ask the reason why it was rejected? I'm aware that at least 75% of the creditors have to agree the amount for it to be agreed?
It doesn't make sense, if someone offered you a quick offer to clear it you would think they would accept it.
Thanks for your story and feedback, I will keep you posted.
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