Full and final offer process

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TallulahStar

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Post by TallulahStar » Thu Jul 02, 2020 4:37 pm
Hi, I am aware of the basics of a full and final offer (money gifted from a family member). However, I am just wondering what happens if/when the offer is accepted? Is the IVA cleared, and totally done and dusted as soon as payment is received by the creditors? Or will there be a final review or something? Also, will any future windfall be paid to the IVA or is it a case of once its paid, that is it all over with? Thanks in advance.

Foggy

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Post by Foggy » Thu Jul 02, 2020 5:25 pm
Once the offer payment is received the IVA goes into the same clsure process as if you had made the last scheduled payment as agreed ---- there will be a final review (which seem to be of varying detail) and you will have to wait until the completion paperwork is issued.

Previously, a windfall between last payment and the paperwork being issued was still payable to the IVA, but some IP's don't bother --- however I wouldn't tempt fate by winning the lottery ( unless it it THE big one! ) .

After that the only thing due would be any PPI refunds you might get in the future, or anything they might discover was due during the IVA.
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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TallulahStar

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Post by TallulahStar » Thu Jul 02, 2020 5:30 pm
Thanks Foggy. So once the offer is accepted there is a final review (I assume bank statements, etc), and then just wait for the completion?
As for a windfall, how nice would that big win be, eh? But from what you are saying some IPs will take any windfall, some won't. But I presume once completion is done and dusted that is it, the IVA is cleared? Any idea how long the process from making the offer to completion is?

Foggy

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Post by Foggy » Thu Jul 02, 2020 5:45 pm
How long is that bit of string ?

It takes between 2 and 3 months for an offer to get to creditors meeting stage, some do it a little faster. Then, if accepted it takes the same for completion to go through. Again some can do that in a couple of weeks and a couple take a full 6 months !

Yes, after the completion certificate is issued you are free, apart from PPI and, as I mentioned, anythibg that might come to light that would have been available to creditors during the IVA ---- maybe that nigerian 'uncle' who died last year and they have just found you and want to send £6 million.
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

TallulahStar

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Post by TallulahStar » Thu Jul 02, 2020 6:51 pm
Haha, no chance of £6 million from anywhere!
So the shortest length of time from sending the offer to completion is around 3 months, but it can be over 6 months? But then that is it, all over and done with?
You mention a final review. Is that done before payment, after payment, just before completion? Not that it matters, I just want to know the whole process, timescale, etc.

kallis3

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Post by kallis3 » Thu Jul 02, 2020 7:59 pm
I think it's at the time of completion. Don't forget your credit rating will still be shot for six years from the start of your IVA.
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.
Bob Marley.
http://kallis3.blogs.iva.co.uk

Foggy

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Post by Foggy » Thu Jul 02, 2020 8:06 pm
The final review is done after the final payment -- be that the F&F offer or the last scheduled payment -- they check the final years income to make sure nothing has been missed and they also run over the whole of the IVA to dot the 'i's and cross the 't's. Usually it is something you don't really notice and whether they call for payslips etc depends on timing. Mine closed shortly after a review and the IP stated in his final report that he didn't carry out a final review as it would simply have been a repeat of the previous review --- but common sense does not always prevail!
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

TallulahStar

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Post by TallulahStar » Thu Jul 02, 2020 10:27 pm
Thank you. So there would be a final review, and then it is all over with when the completion certificate arrives? Any windfall prior to completion will/could be payable to the IVA, anything after the completion is kept? And all of this takes upwards of 3 months? Once completion is done that is the IVA done and dusted :D

Foggy

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Post by Foggy » Fri Jul 03, 2020 7:42 am
Thu Jul 02, 2020 10:27 pmTallulahStar wrote:
Thank you. So there would be a final review, and then it is all over with when the completion certificate arrives? Any windfall prior to completion will/could be payable to the IVA, anything after the completion is kept? And all of this takes upwards of 3 months? Once completion is done that is the IVA done and dusted :D
In a nutshell -- apart from the 'clean up' ... lookee here: https://www.iva.co.uk/what-does-an-iva- ... dit-record
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

TallulahStar

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Joined: Thu Jul 02, 2020 4:26 pm

Post by TallulahStar » Fri Jul 03, 2020 8:11 am
Thank you Foggy :D

TallulahStar

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Post by TallulahStar » Fri Jul 03, 2020 9:06 am
Foggy, any idea how long Freeman Jones are currently taking to put f&f offers forward to creditors, and also how long they take to send out completion certificate? Thank you :)

Foggy

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Post by Foggy » Fri Jul 03, 2020 10:52 am
Couldn't say in the current climate with many staff still working from home and some possibly still isolating -- but they are usually one of the speedier firms.

Drop an email to ian.williams at financialwellnessgroup.co.uk (or the old freemanjones.co.uk email still works too) and I am sure he can assist.
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

TallulahStar

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Joined: Thu Jul 02, 2020 4:26 pm

Post by TallulahStar » Sat Jul 04, 2020 3:57 pm
Thanks for the info Foggy. I guess what you are saying is that the time from offer to completion can be anything from 3 months upwards?

TallulahStar

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Post by TallulahStar » Wed Jul 08, 2020 5:42 pm
If the offer of the gift to pay full and final offer has to be withdrawn, due to personal reasons, what happens then? Does the IVA just remain the same?

kallis3

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Post by kallis3 » Wed Jul 08, 2020 6:00 pm
If it has to be withdrawn you should be able to continue as normal.
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.
Bob Marley.
http://kallis3.blogs.iva.co.uk
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