Early settlement

[katieweeks1]

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!
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.

Katieweeks1

Can I ask, has this caused any problems for you in regards with CF with it being rejected?

Yes I know - it is very confusing and to me makes no sense at all, as Foggy has even said that surely to them it saves them admin costs etc to get it closed now as supposed to 3 years away!!
I havent had any problems as such with them since it was rejected no. (So far) I am due my annual review in the next few weeks so I am sure something will be wrong at some point along the line. CF is the worst at communicating - and well just doing things properly really.
So I am personally just going to plod along with it and reapproach with an F&F in a few months.

Have you heard anything yet?

[katieweeks1]

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.

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!
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.

Sorry and to answer your question - I asked them 4 times for a full report and reason as to why it was rejected about the meeting and surprise surprise - nothing! Eventually someone (a cipletely different person to anyone I have dealt with before) said "your creditors believe they will get a better dividend if if you continue with the arrangement" which we all know is utter S**T, My job is very simple 9-5 - no bonuses - no over time - nothing extra - so what they think they are going to get out of me in the long run is beyond me!
Anyway - I could go on for hours and how useless they are but at the end of the day - I chose them!! Grrrrrrrr