I'm with PayPlan and I've read that they drag their feet for full & final offer

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trish546
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by trish546 » Sat Sep 02, 2017 9:03 am
im looking to offer a full and final settlement for my IVA - 5 years will be up next February but should I take into account the 6th year if I'm unable to release money from my mortgage (I assume I should). What is likely to be a reasonable offer and how do I take into account any payments I make before it's agreed. I'm with PayPlan and I've read that they drag their feet, I'm not surprised by this - they've been unhelpful for a while. Thank you in advance.
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Foggy
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by Foggy » Sat Sep 02, 2017 9:21 am
Hi -- the offer should assume a 12 month extension, unless you can prove that the clause wouldn't be triggered. In the offer letter you can stipulate that the full and final offer amount of £xx will be reduced by the amount of any monthly payments made after [chosen date]. The amount should be close to the current monthly payment multiplied by the months remaining (including, if applicable, those extra 12). As you are only knocking a year off the term (by the time it is processed) there isn't much scope to reduce the offer to reflect savings in administration, as these will be wiped out by the variation fees anyway.
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kallis3
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by kallis3 » Sat Sep 02, 2017 10:38 am
Must admit Payplan were good with my full and final and it went through quickly but this was 2013
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Foggy
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by Foggy » Sat Sep 02, 2017 11:25 am
kallis3 wrote:
Must admit Payplan were good with my full and final and it went through quickly but this was 2013



Trouble is they have, reportedly, lost many of their staff since then and, I am guessing, have disenfranchised many of those who remain working under the Sword of Damocles.
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kallis3
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by kallis3 » Sun Sep 03, 2017 7:45 am
Very true - Payplan were one of the better ones when I started mine.
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Lisa Thomas
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by Lisa Thomas » Mon Sep 04, 2017 8:33 am
Firstly you should check what your share of equity is - if you have standard terms then the 6th year extension will only apply if you have more than £5k.

Check your paperwork and consider getting a valuaiton and redemeption statement/s from any charegholders/moretgage companies.

If you don't then the 6 year will not apply and you will now finish your IVA.
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Michael Peoples
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by Michael Peoples » Mon Sep 04, 2017 11:34 am
If you make the offer make sure that it is in writing and send it by recorded delivery and email it directly to the IP. Point out that the terms and conditions mean a variation must be called within 21 days and once Payplan know you are aware of this it should speed them up.
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