F&F SETTLEMENT ADVICE

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Dan2991

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Post by Dan2991 » Thu Jun 13, 2019 9:54 pm
Hi,

I've been looking at this forum for a few weeks now and found a lot of helpful information.

I'm currently just over 2 years into my IVA and really regret how I ended up in this situation. Anyway I've been offered some money from family member to finish the IVA early of £7500 but I currently owe about £9500 and had been told they wouldn't accept this offer as they would get nearer 10k over the full term.

I'm going to wait a few months and put this offer to my company FJ. I just wanted to know if the offer is rejected do you carry on with the IVA? What is required from the 3rd party?

I'm looking to retrain for my career and the only way I'd be able to get experience is through agency work so I'd prefer not to have the IVA hanging over me adding more stress.

Any advice would be great.

Thanks.

luluj

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Post by luluj » Thu Jun 13, 2019 10:43 pm
When you make the offer you say the money from the third party is only available for the purpose of completing your iva and you will not have access to it if nor approved.

The third party is likely to have to write a letter to confirm it is their money and not part of a money-laundering scheme
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Foggy

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Post by Foggy » Fri Jun 14, 2019 6:53 am
Thu Jun 13, 2019 10:43 pmluluj wrote:
When you make the offer you say the money from the third party is only available for the purpose of completing your iva and you will not have access to it if nor approved.

The third party is likely to have to write a letter to confirm it is their money and not part of a money-laundering scheme
They could also be asked for copies of the bank statements, evidencing the money is there , as well as photo I.D.

I would have said that £7.5k was a reasonable offer against outstanding payments of £9.5 and, in any event, it is not up to your IP but to the creditors to decide. Bear in mind that they are saving three years admin costs dealing with dribs and drabs of dividends as well as guaranteeing thei lump of repayment against gambling that your payments continue unto the agreed end of the term ( bird in the hand being worth two in the bush).
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

Lisa Thomas

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Post by Lisa Thomas » Fri Jun 14, 2019 8:04 am
Who told you creditors won't accept this offer?
I'm a licensed IP with 16+ yrs at Neville & Co covering the South West area. I have a YouTube channel with advisory videos on here: https://www.youtube.com/channel/UCMPTTu ... Z5k9ZcC2MA http://www.nevilleco.co.uk 01752 786800 Lisa@nevilleco.co.uk

Dan2991

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Post by Dan2991 » Fri Jun 14, 2019 8:14 am
FJ advisor they said it isn't enough as they would be receiving nearer 10k over the rest of the term.

I currently pay 216 a month and this increases to 368 November 2020.

kallis3

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Post by kallis3 » Fri Jun 14, 2019 8:21 am
We do have an adviser from FJ on here - hopefully he will pick up on this and help you.
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.
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http://kallis3.blogs.iva.co.uk

Dan2991

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Post by Dan2991 » Fri Jun 14, 2019 9:04 am
Thanks.

Also I seen a few people on here mention deductions from the f&f offer is from when its accepted or put forward that any payments made are taken out of it?

Freeman Jones

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Post by Freeman Jones » Fri Jun 14, 2019 9:48 am
Hi Dan,

Thanks for the post. Happy to have another look at this for you - please drop me an email to ian.williams at FreemanJones.com. As others have said, the decision is your creditors' rather than ours. Your creditors would need to decide if they would be happier with the lump sum today, or more money but spread over a longer term. If you drop me details I will ask the team to review it for you.


Ian
A member of the team at Freeman Jones - www.freemanjones.co.uk

Shaun Vickery

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Post by Shaun Vickery » Fri Jun 14, 2019 12:01 pm
Hi Dan, I'm sure Ian will be able to give you the guidance you need. If the offer isn't accepted the IVA should just continue as before.
Highly Commended at the British Mortgage Awards. For individual mortgage advice go to http://clients.theselectpartnership.co.uk/

Dan2991

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Post by Dan2991 » Fri Jun 14, 2019 5:57 pm
Thanks for all the advice.

Question for third party they want to know about deductions in the offer made. Once the variation meeting has been called any payments made after this can be deducted from the amount offered or is it after the offer has been accepted that any payments made after this are taken off?

Foggy

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Post by Foggy » Fri Jun 14, 2019 6:31 pm
Fri Jun 14, 2019 5:57 pmDan2991 wrote:
Thanks for all the advice.

Question for third party they want to know about deductions in the offer made. Once the variation meeting has been called any payments made after this can be deducted from the amount offered or is it after the offer has been accepted that any payments made after this are taken off?
Payments are to be paid on their due dates until such time as the lump sum offered in the F&F is paid over in full UNLESS it was included as a term of the variation that payments due and paid after such and such a date were to be deducted from the lump sum offered.
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

Dan2991

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Post by Dan2991 » Fri Jun 14, 2019 7:36 pm
Thanks

Had given Ian a private message so hopefully things can start to move along

kallis3

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Post by kallis3 » Fri Jun 14, 2019 9:19 pm
Fingers crossed!
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

Dan2991

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Post by Dan2991 » Sat Jun 15, 2019 2:54 pm
Thanks.

I shall be calling FJ on Monday to discuss the F&F. Do I have to send them a letter from myself or can it be emailed across?

kallis3

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Post by kallis3 » Sat Jun 15, 2019 3:00 pm
You can email it and also send a copy via recorded delivery snail mail.
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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