F&F!

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Bex12
Posts: 126
by Bex12 » Wed Aug 15, 2018 7:56 pm
Hi my IVA is due to end in 8 months not that I’m counting!! Within my terms and conditions it states my IVA is over 60 months, I was wondering if they could increase to 72 months I haven’t got any property and I have never not paid also my payments have increased from £136 a month to £258 a month over the last 4 years they have also claimed back the PPI I had!!
My sister has offered to make a F&F and offer £1500 to pay it off earlier, but I was wondering if it would by worth it as I am so close to end and wasn’t sure how long the process is when offering F&F! Any advise will be appreciated. :)
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Foggy
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by Foggy » Wed Aug 15, 2018 8:05 pm
If you are not a homeowner there is no reason they can use to increase the term as long as, as you say, all payments have been made correctly over the term. As for the F&F, with 8 months left you aill not be saving much. It usually takes 2 months to put an offer together, and sometimes up to 6 in recent times ! Additionally the amounts involved are too close ---- you are looking at offering around £1k less than they are going to be getting anyway .... they will be making no real savings in admin and the variation meeting itself will add around £500 to the costs.
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Bex12
Posts: 126
by Bex12 » Wed Aug 15, 2018 8:47 pm
Foggy wrote:
If you are not a homeowner there is no reason they can use to increase the term as long as, as you say, all payments have been made correctly over the term. As for the F&F, with 8 months left you aill not be saving much. It usually takes 2 months to put an offer together, and sometimes up to 6 in recent times ! Additionally the amounts involved are too close ---- you are looking at offering around £1k less than they are going to be getting anyway .... they will be making no real savings in admin and the variation meeting itself will add around £500 to the costs.


Thanks for your quick response Foggy that has put my mind at rest. I was with Knightsbridge but my last year has been transferred to credit fix I hope they will be as good as Knightsbridge was!!
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MerlinL14
Posts: 1492
by MerlinL14 » Wed Aug 15, 2018 9:30 pm
At the rate some companies have been taking to get an F&F together 8 months would seem like not enough time at all! You could put the proposal to your company and tell them there are time restraints on the availability of the funds and a decreasing factor as each month passes, may make them get a wiggle on, but I wouldn't hold your breath.
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bethany
Posts: 53
by bethany » Thu Aug 16, 2018 9:40 am
Bex12 wrote:
Hi my IVA is due to end in 8 months not that I’m counting!! Within my terms and conditions it states my IVA is over 60 months, I was wondering if they could increase to 72 months I haven’t got any property and I have never not paid also my payments have increased from £136 a month to £258 a month over the last 4 years they have also claimed back the PPI I had!!
My sister has offered to make a F&F and offer £1500 to pay it off earlier, but I was wondering if it would by worth it as I am so close to end and wasn’t sure how long the process is when offering F&F! Any advise will be appreciated. :)



Hi Bex

This is exactly what happened to me and I'm now waiting for my CC, I found the whole experience extremely stressful (down to the company I have/had my IVA with) and wanted it over ASAP.
The variation meeting took around 4 weeks to set up and was accepted, I offered the exact amount the creditors would get if I stayed for the last 6-7 months and it worked.
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Bex12
Posts: 126
by Bex12 » Thu Aug 16, 2018 10:56 am
bethany wrote:
Bex12 wrote:
Hi my IVA is due to end in 8 months not that I’m counting!! Within my terms and conditions it states my IVA is over 60 months, I was wondering if they could increase to 72 months I haven’t got any property and I have never not paid also my payments have increased from £136 a month to £258 a month over the last 4 years they have also claimed back the PPI I had!!
My sister has offered to make a F&F and offer £1500 to pay it off earlier, but I was wondering if it would by worth it as I am so close to end and wasn’t sure how long the process is when offering F&F! Any advise will be appreciated. :)



Hi Bex

This is exactly what happened to me and I'm now waiting for my CC, I found the whole experience extremely stressful (down to the company I have/had my IVA with) and wanted it over ASAP.
The variation meeting took around 4 weeks to set up and was accepted, I offered the exact amount the creditors would get if I stayed for the last 6-7 months and it worked.


Hi Bethany

I’m really pleased for you and hope your CC comes through quick.
I agree the stress is so intense and I would love it to be over ASAP. It might be still an option that I will try just to get it over with. Xx
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bethany
Posts: 53
by bethany » Thu Aug 16, 2018 1:47 pm
Bex12 wrote:
bethany wrote:
Bex12 wrote:
Hi my IVA is due to end in 8 months not that I’m counting!! Within my terms and conditions it states my IVA is over 60 months, I was wondering if they could increase to 72 months I haven’t got any property and I have never not paid also my payments have increased from £136 a month to £258 a month over the last 4 years they have also claimed back the PPI I had!!
My sister has offered to make a F&F and offer £1500 to pay it off earlier, but I was wondering if it would by worth it as I am so close to end and wasn’t sure how long the process is when offering F&F! Any advise will be appreciated. :)



Hi Bex

This is exactly what happened to me and I'm now waiting for my CC, I found the whole experience extremely stressful (down to the company I have/had my IVA with) and wanted it over ASAP.
The variation meeting took around 4 weeks to set up and was accepted, I offered the exact amount the creditors would get if I stayed for the last 6-7 months and it worked.


Hi Bethany

I’m really pleased for you and hope your CC comes through quick.
I agree the stress is so intense and I would love it to be over ASAP. It might be still an option that I will try just to get it over with. Xx




Thanks Bex

Do what works for you :)
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