Advice on F&F

xdaisyx

I currently have an IVA, It was for 60months x £100, with an option to extend for a further 12 month if i fail to re-mortgage.

My original debt was £22,705, over the length of the IVA they should get back £6,000 in payments, or £7,200 if i cant re-mortgage and they estimate £13,070 if i can re-mortgage.

I am on month 31 and have made payments of £3,232.40.

My parents have offered to attempt to make a f&f on my behalf and we were thinking of a final payment of round £6,500 to take the amount repaid up to £10,000

any thoughts or experiences that anyone has before i approach payplan would be greatly appreciated.

FavDaughter1

hi, we did a F&F IVA. it sounds a good offer to me,give it a go.
your IP should help you,who are you with?

your parents will need to put the offer in writing clearly stating that it is a Full & Final offer for your debts to be cleared in full,if declined your parents must state their kind offer will be withdrawn.

post how you get on.

debtfree2016

Quick question FavDaughter... Is it possible to send the letter including the F&F amount but hold the cheque.. then send the cheque if the F&F is accepted, or send the cheque with the letter but noting before cashing the cheuque the 3rd party are informed to ensure they have transferred the funds from a savings account into a current account? I'm told the process could take 3 months..

Gimpsdad

Most IP's would want the funds paid into a bonded account prior to creditors meeting, but only on the strict understanding that in the event of rejection they are returned/refunded immediately.

FavDaughter1

hi, my parent's sent the cheque off about a month before the meeting date. i have seen some posts where it is agreed the funds will be sent across within a time scale of acceptance.

you would need proper proof that the funds we're available though. ours took about 3 mths. who's your IP?
post how you get on.

debtfree2016

Thanks Gimpsdad, IP is Payplan