IVA F & F Settlement

sadie_lou

This is my first post, but i am a regular lurker!

I just wanted to post, giving reassurance to anyone out there really........plus i am over the moon right now

I started in an IVA in May 2011, monthly payments of £250, overall debt around £41k mark, paying back only £17k roughly, 6 yr IVA due to Northern Rock being one my creditors........

Anyway, everything was going ok, managing the payments, but i have two small children and had always relied on family for childcare as both me and the hubby work full time. But my MIL fell ill recently and became unable to watch the children, checking out childcare prices or me reducing my working hours, things just looked unmanageable and i needed these IVA sorting!

I approached my IP with a F&F offer in Dec 2011 of £8k, which my Dad would give me, never in a million years did i expect them to accept such a low offer, but they had my creditors meeting yesterday, and they accepted!!!!!

My IP was great, very supportive, great with communication and made me feel at ease the whole time, obviously things take time to get to the creditors meeting, but they were just great!

I am now just waiting on the paperwork, and my IP is sending me info re credit reference agencies, and what to do next, which tbh i am not sure yet!

All i know is that i have had a huge weight lifted!

FoggyBrain_2

Great news! Well Done! A lot does depend upon how willing your IP is to put a good case and fight your corner ... some, frankly, are of the chocolate teapot variety.

SG_28

Wow that's great news - well done!! I have just send a letter to my IP with a f&f offer, I hope I am as lucky as you!

Thank you for your post, it certainly should give people like myself some hope

Gimpsdad

Fabulous!!

Who was the IP that did such a good job for you?

sadie_lou

Tbh the whole process was managed really well by the IP, admittedly frustrating as the creditors like to delay things......like the day before the meeting, my IP rang requesting additional info as requested by NRAM, and because i was at work that day it was difficult to get it, but i did! My IP was always at the other end of the email, tbh thats how i did all my communicating, he was even emailing me the morning of the meeting to say that some votes were in etc.....

Got the paperwork through to sign yesterday too, can't fault there speed and communication

Never asked too many questions either about my circumstances, never felt like i was at fault

Good luck with yours......

Now just my mortgage to pay....only 22 years left!x

SG_28

Hi Sadie_Lou, Can I ask what other information NRAM asked you to provide them with?

sadie_lou

Because i am still unsure of how to sort my childcare situation, whether it be paying for childcare or reducing my hours, they wanted a break down of childcare costs, from the nursery/pre school and a letter from my employee with the new salary after reducing hours?! I asked if they wanted this leading up to the meeting, then they decided last minute they wanted it? Bare in mind NRAM was the larger amount of the debt, so i suppose more to loose?! IP said NRAM were like this

But up to now, i haven't had to provide any other info to anyone, other than my letter stating my change on circumstances and the F&F offer. Tbh i thought i would have had to give far more info etc....

Good luck

Confused_Girly

Wowzer!! Thanks so much for this post Sadie!! It has totally inspired me!!
I first took my iva out in March 2010 with a debt of nearly £20k, and Payplan took it down to £15k for me and i too am paying payments of £250 a month. I'm on around £8k left to pay back at the moment now.. So i wonder if i were to offer a f & f settlement fee they would accept!!. My fiance's father has offered to give me the money and i pay him back rather than the IVA people!!

I might give it a whirl!!!

Any advice on what to write in the letter to the IP???

Thanks

damien1979_2

Well done sadie,

We had to do the same as you, prove change in childcare cost and fill in a projected i&e, our IP was brilliant!!

Today we had a full and final figure accepted which totaled £7633 on a +£17,000 iva on £46,000 debt!!!

Low offers can and do work!!!

sadie_lou

Just wanted to update to say I have received my Completion Certificate!!!!!!!!! Such a huge relief! And less than 2 months since the IP and creditors agreed to the F&F

And confused girly - I didn't use any template letters. I just sent an email explaining my situation which they accepted as formal and it went from there. In fact throughout the whole process, majority of communication bar the confirmation phone call was via email! Luckily my IP and assistant were very good at replying to emails

Havn't had to complete any further paperwork, they wanted NO additional info. All I had to do was sign the agreement from the creditors meeting about the F&F! Tbh, all a bit too straight forward!

Good luck everyone!

FoggyBrain_2

Well done sadie --welcome to your debt free future :-)