F + F when changing jobs?

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keirean

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Post by keirean » Mon Aug 02, 2021 2:16 pm
Hi. Currently in an IVA with 21 months to go at £200 a month, now 2 things have come up, iv been offered the funds to clear this IVA early but I have also been offered a new job with a salary increase of around £400-£500 a month (take home) will the creditors accept F+F at the original amount or likely refuse knowing I could have more income. I haven't accepted the job yet but know that the creditor decision could take several months by which time I would be in the new job, I guess what I'm trying to establish is if its possible to get this F+F put to the creditors without the new job coming into things!? Are they likely to do an early income/expenditure as its not due to April. !?

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Foggy

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Post by Foggy » Mon Aug 02, 2021 3:57 pm
If they get a sniff of an increased income they may well wait until that has materialized first. Then any F&F will need to be based on the increased payment rate of around £450 a month. They may well do a final review as it is already 4 months since the last one and they will want to confirm income in the final period since then. On the other hand they may think 4 months is close enough to leave it ( though it will be nearer 6 months by then). No way of saying for certain.

I would be inclined to get the F&F moving as quickly as possible at your current rates. If everyone moves it could be done in 2 months. Could you also delay the start of the new job as much as possible ?

Sorry I cannot be more helpful, but your timing stinks !! :lol:
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

keirean

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Post by keirean » Mon Aug 02, 2021 4:14 pm
Thanks for the reply, I know the timing is awful :( these things don't normally happen to me even good things go wrong!! :roll: I have made the call today to the iva company, who have said the procedure is straight forward with regards to settlement, they will send me the figure and paperwork needed to make it happen.
I'm hoping they won't drag there heels, the new job I possibly could push for a September start as will have to give some notice to current employer anyway. Thanks again.

Foggy

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Post by Foggy » Mon Aug 02, 2021 5:19 pm
Settlement is a different animal and is usually based on the remaining original debt figure plus fees and is determined by the IP. Yes, it is more straightforward that a F&F offer as they are getting everything paid off, so there is no dithering and consideration of offers.

The usual method of doing things is by Full and Final, the amount of which you decide. This leads to the need for creditors to consider the offer.

There could be, according to your original debt level, a significant difference between a settlement figure and a F&F figure.
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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