F&F settlement - advise

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Lauren365

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Post by Lauren365 » Tue Feb 02, 2021 12:01 pm
Hello,

I have just put forward a F&F offer my meeting is on the 26th February.

I pay £214 a month and have 50 months remaining = £10,700.

I have offered £11,000.

Hoping they accept!

Foggy

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Post by Foggy » Tue Feb 02, 2021 12:26 pm
Well, it is a good offer so should get through --- fingers crossed.
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

Lauren365

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Joined: Tue Feb 02, 2021 10:47 am

Post by Lauren365 » Tue Feb 02, 2021 12:41 pm
Thank you!

I do have a house but it's a single mortgage and the value doesn't really go up on terraced houses and only had it for just under 2 years so hoping this won't effect it.

Foggy

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Post by Foggy » Tue Feb 02, 2021 2:40 pm
Tue Feb 02, 2021 12:41 pmLauren365 wrote:
Thank you!

I do have a house but it's a single mortgage and the value doesn't really go up on terraced houses and only had it for just under 2 years so hoping this won't effect it.
They might ask you to provide details, but usually at this stage, if there was likely to be more than £5k equity, it is common practice to add 12 payments in lieu. However, as F&F offers are also often reduced to reflect time and admin costs saved, they might not bother as one might well cancel out the other.
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

Lauren365

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Joined: Tue Feb 02, 2021 10:47 am

Post by Lauren365 » Tue Feb 02, 2021 2:57 pm
Fingers crossed! Thank you !

Lauren365

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Joined: Tue Feb 02, 2021 10:47 am

Post by Lauren365 » Tue Feb 23, 2021 9:53 am
Hello foggy!

I have received this, any ideas?


Meeting provisionally rejected:

This is because the amount that you are offering is low thus your creditors have voted in to reject because they will be receiving less dividend than they were supposed to.

Thanks

Lauren365

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Joined: Tue Feb 02, 2021 10:47 am

Post by Lauren365 » Tue Feb 23, 2021 10:34 am
They are saying my dividend is 29.34p estimated without the variation meeting and with variation it's 28.36p.

I'm so confused x

Foggy

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Post by Foggy » Tue Feb 23, 2021 3:13 pm
It would appear that they are quibbling over a penny in the pound .... which it will cost them more to faff around with dividends over the next few years ! Truth be told, it might be that 'equity year' that has thrown them off track.

To be honest I am surprised ... gobsmacked, even! It is a far better offer than many that get accepted. Ask your IP for a copy of the variation pack that was sent to creditors -- see how the IP put the offer forward.
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

Lauren365

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Joined: Tue Feb 02, 2021 10:47 am

Post by Lauren365 » Tue Feb 23, 2021 3:47 pm
Thanks foggy! It was literally 1p, the lady said she went back to creditors and asked if they would accept if I was to offer the shortfall which was £1800 so I have offered that in addition and they've said the meeting will go ahead.

Hopefully it gets over now I'll be shocked if they've said yes and go back on their word Friday

X

Lauren365

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Joined: Tue Feb 02, 2021 10:47 am

Post by Lauren365 » Fri Feb 26, 2021 3:24 pm
All been settled Foggy!

Thanks for your help.

Foggy

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Post by Foggy » Fri Feb 26, 2021 3:42 pm
Fri Feb 26, 2021 3:24 pmLauren365 wrote:
All been settled Foggy!

Thanks for your help.
Great to hear :-) Well done.
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
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