F&F offer

[jamie178]

Hi.
I just want some clarification on this F&F offer please?
I am into the 4th year of my IVA, living with partner, 2 children. I pay £190 a month and we privately rent. My parents are willing to help with the an offer but just wanted to know what happens for the rest of the IVA?
Do we still have to complete annual reviews for the 5th and 6th year? I'm assuming we have to wait until the 6th year for the completion certificate? Can we start with credit again to build up our score or are we still under obligation to keep under £500?
Thanks in advance.

[Foggy]

If the offer is accepted the IVA will end there and the usual wait for the completion certificate will start. Once you have that the IVA is over. However, it will still remain on your credit files until the 6th anniversary --- you will be allowed to get credit, but the rates will be higher than they would be after the IVA dissappears.

Any extra money you earn, get given of win after the completion certificate is issued is yours to keep. Only PPI will still be payable into the IVA.

[jamie178]

Thanks Foggy. So they will send a completion certificate within a few months of that or you still have to wait until the 6th year?
To be honest I think all my PPI has been claimed back and paid to them already so that's not really an issue.
What is the percentage roughly you would have to offer for it to be accepted?
Thanks again.

[abbiesmum2003]

Once offer for F&F is accepted and paid to creditors you would usually get certificate within usual time frames anything from weeks to months dependig on efficiency of the company!
Once you have that you are free from obligations relating to the iva so as foggy says inheritance overtime etc is yours to keep. They will keep asking and looking for ppi even if you think you dont have any!!! just let them slog it out! lol!
Company should send certificate to insolvency service so you are removed from that register a month or two after you receive it.
The IVA will remain on your personal credit report until the 6th anniversary of when it started.
You can apply for credit after gettingg the certificate although you may not be accepted, credit limit may be low and rates will be high but it does/can help learn to use it again sensibly. Wont make much difference to credit score until iva drops off.

[Foggy]

Thanks Foggy. So they will send a completion certificate within a few months of that or you still have to wait until the 6th year?
To be honest I think all my PPI has been claimed back and paid to them already so that's not really an issue.
What is the percentage roughly you would have to offer for it to be accepted?
Thanks again.

Abbiesmum has just about cleared it up You will get the cert within a few months of the final payment being made ( some firms do it in weeks, other up to 6 months, the usual is 2 - 3 months).

Ombudsman had, some time ago, advised previous claims be lodged again as some were incorrectly refused and some were underpaid before --- but let them slog that one out, as Abbiesmum says.

There is no accepted percentage on offers -- the nearer to what they would be getting anyway, the better chance of acceptance. Rounding the figure down can be done and the longer timewise you are saving the more you can knock off, but it all depends on the exact figures as well as how big a hit they are taking in the first place.

[jamie178]

Hi guys,
So I have received my annual review with figures and they are projecting I have £4300 left to pay over the next 2 years when my IVA will finish.
Do you think £3500 would be an acceptable offer? I didn't know of they also take into account overtime payments I've made as these were roughly £500 for the past 2 years?
Thanks again for your help.

[Foggy]

Hi guys,
So I have received my annual review with figures and they are projecting I have £4300 left to pay over the next 2 years when my IVA will finish.
Do you think £3500 would be an acceptable offer? I didn't know of they also take into account overtime payments I've made as these were roughly £500 for the past 2 years?
Thanks again for your help.

I would think that £3500 should be looked at seriously -- but, as ever, it is impossible to say. Certainly worth a shot.