F&F Rejected - I am so confused!

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Foggy

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Post by Foggy » Wed Nov 21, 2018 11:51 am
The way I read that is that they will be unable to put the rejected offer to them again. Doesn't say put a new offer to them.

Why are they not giving you the full picture ? Have they told you which creditor ? Have they asked this creditor why they rejected ?
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
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Lisa Thomas

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Post by Lisa Thomas » Wed Nov 21, 2018 12:22 pm
Did they give you a copy of the report that you asked for?

This will be key. My gut is telling me the major creditor was either misinformed or has misunderstood the proposed offer...
I'm a licensed IP with 16+ yrs at Neville & Co covering the South West area. I have a YouTube channel with advisory videos on here: https://www.youtube.com/channel/UCMPTTu ... Z5k9ZcC2MA http://www.nevilleco.co.uk 01752 786800 Lisa@nevilleco.co.uk

katieweeks1

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Post by katieweeks1 » Wed Nov 21, 2018 12:27 pm
Lisa Thomas wrote:
Did they give you a copy of the report that you asked for?

This will be key. My gut is telling me the major creditor was either misinformed or has misunderstood the proposed offer...
Still no report.... Can they email it to me or will it be by post?

I have to admit everytime I ask them for it I get an unreleated answer.... How hard can it be?! Please may I have my report?!
And nothing.......

katieweeks1

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Post by katieweeks1 » Wed Nov 21, 2018 12:34 pm
Foggy wrote:
The way I read that is that they will be unable to put the rejected offer to them again. Doesn't say put a new offer to them.

Why are they not giving you the full picture ? Have they told you which creditor ? Have they asked this creditor why they rejected ?
Yep I know which one it is and it is my major one.... No they just keep going on about how they can get a better dividend if I keep going.

Can my father make a better offer to just that major creditor....a better dividend as it were??

Foggy

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Post by Foggy » Wed Nov 21, 2018 12:42 pm
katieweeks1 wrote:
Can my father make a better offer to just that major creditor....a better dividend as it were??
I am afraid that an offer has to be made through the IP to all creditors across the board.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
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katieweeks1

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Post by katieweeks1 » Wed Nov 21, 2018 1:09 pm
Foggy wrote:
katieweeks1 wrote:
Can my father make a better offer to just that major creditor....a better dividend as it were??
I am afraid that an offer has to be made through the IP to all creditors across the board.
OK.... So the only way to get an offer accepted would be to offer close to my actual amount owed..... I have 5880 left to pay in my IVA.... I have 17,500 owed to creditors..... If an offer closer to the 17,500 was made the surely it would accepted??

Foggy

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Post by Foggy » Wed Nov 21, 2018 2:25 pm
katieweeks1 wrote:
Foggy wrote:
katieweeks1 wrote:
Can my father make a better offer to just that major creditor....a better dividend as it were??
I am afraid that an offer has to be made through the IP to all creditors across the board.
OK.... So the only way to get an offer accepted would be to offer close to my actual amount owed..... I have 5880 left to pay in my IVA.... I have 17,500 owed to creditors..... If an offer closer to the 17,500 was made the surely it would accepted??
Without knowing why your major creditor has already rejected basically what they would / will be getting anyway it is impossible to say. They could be one of those creditors who, as a matter of policy, think the arrangement should run to term regardless.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
http://foggy.blogs.iva.co.uk

Lisa Thomas

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Post by Lisa Thomas » Wed Nov 21, 2018 2:44 pm
Your original post implied that you had offered to pay everything off in full but your later posts seem to imply differently and that you have offered a full and final not a settlement.

Have you offered to pay the total debt plus costs plus interest in full (i.e settlement) or only put forward an F&F offer on the basis of the contributions remaining?
I'm a licensed IP with 16+ yrs at Neville & Co covering the South West area. I have a YouTube channel with advisory videos on here: https://www.youtube.com/channel/UCMPTTu ... Z5k9ZcC2MA http://www.nevilleco.co.uk 01752 786800 Lisa@nevilleco.co.uk

Lisa Thomas

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Post by Lisa Thomas » Wed Nov 21, 2018 2:45 pm
If it's a F&F and the majority creditor has rejected it then you can go back with a second offer and ask the IP to adjourn and put forward a revised offer (if within time) or call another variation meeting.

How much was your offer?
I'm a licensed IP with 16+ yrs at Neville & Co covering the South West area. I have a YouTube channel with advisory videos on here: https://www.youtube.com/channel/UCMPTTu ... Z5k9ZcC2MA http://www.nevilleco.co.uk 01752 786800 Lisa@nevilleco.co.uk

katieweeks1

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Post by katieweeks1 » Wed Nov 21, 2018 2:49 pm
Lisa Thomas wrote:
If it's a F&F and the majority creditor has rejected it then you can go back with a second offer and ask the IP to adjourn and put forward a revised offer (if within time) or call another variation meeting.

How much was your offer?
The offer was the full 5880 that I owe.
My case officer said The decision has been made your major creditor and unfortunately, we will not be able to put the offer again to them.
What do you mean within time?

Foggy

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Post by Foggy » Wed Nov 21, 2018 3:52 pm
Lisa -- the £5880 represents the remaining agreed payments in the IVA. It was a F&F for that amount, not a settlement offered.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
http://foggy.blogs.iva.co.uk

kallis3

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Post by kallis3 » Wed Nov 21, 2018 4:28 pm
Agree with Foggy - you have to sort it out via your IP - I hope you can get it sorted.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
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Lisa Thomas

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Post by Lisa Thomas » Thu Nov 22, 2018 10:30 am
Thanks Foggy as I thought. I think OP is confusing 'F&F' with 'settlement'.

The creditors have rejected the F&F as they believe she will receive additional income and pay extra contributions over time so will ultimately pay more than c£5.6k in.
I'm a licensed IP with 16+ yrs at Neville & Co covering the South West area. I have a YouTube channel with advisory videos on here: https://www.youtube.com/channel/UCMPTTu ... Z5k9ZcC2MA http://www.nevilleco.co.uk 01752 786800 Lisa@nevilleco.co.uk

Foggy

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Post by Foggy » Thu Nov 22, 2018 10:52 am
Lisa Thomas wrote:
Thanks Foggy as I thought. I think OP is confusing 'F&F' with 'settlement'.

The creditors have rejected the F&F as they believe she will receive additional income and pay extra contributions over time so will ultimately pay more than c£5.6k in.
So it would seem, Lisa. But, with no history of regular overtime or equity to consider I am at a loss as to why they should take this view.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
http://foggy.blogs.iva.co.uk

Lisa Thomas

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Post by Lisa Thomas » Thu Nov 22, 2018 2:47 pm
Holding out for a better offer I guess.
I'm a licensed IP with 16+ yrs at Neville & Co covering the South West area. I have a YouTube channel with advisory videos on here: https://www.youtube.com/channel/UCMPTTu ... Z5k9ZcC2MA http://www.nevilleco.co.uk 01752 786800 Lisa@nevilleco.co.uk
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