IVA f&f

a1b2c3help

Just wondered if someone could offer some advice please. I believe I might be in a position to offer a f&f settlement. I am half way through my IVA,( 6 year term) currently paying @230 per month and has been similar throughout the term, low return though of only around 15%. there's a little over £8000 to pay. I have been offered help from a family member to pay a settlement and probably looking in the region of £5000.
I know that a creditors meeting will need to be held and understand that if successful this means I am removed from insolvency register but this will remain on my credit file until end of original term.
My question is whilst I am waiting for the certificate of completion to come through, will I need to still be doing my annual review with the company, and if for example my employment changed and my income changed during this waiting period for the certificate of completion would it be something I need to declare still bearing in mind that hopefully creditors will have already agree the final settlement.
many thanks

longtermplanner

You need to discuss the practicalities of making a f&f with your IP.

Are you struggling with the repayments? If not, then it's possible that your creditors won't accept a F&F.

Anondebtadvisor

If you have had a recent change in circumstances or are struggling with payment the chances of having a F&F accepted at £5,000 are a higher.

If you are not struggling the creditors may want you to continue with monthly repayments at the current rate as they will get more money back.

If a F&F is accepted the creditors are bound by the terms and cannot then come back at a later date and ask you to make payments out of your monthly income

techno1029

It is all in the way you present your f&f letter...If you can state your iva may fail in the future because of 'whatever' your creditors will be more likely to accept if they think it could fail before the end of the term. £5k offer on a final payment of £8k would be a cheeky offer but I have seen a few posters who have manged to get a yes vote on these sort of paybacks. Once they accept your offer your monthly payments will cease and no more reviews should take place...they will then go to the far ends of the earth to ensure you have no ppi claims before your cert is issued. ( mine took 18 months). Good luck.

sourcrates

a1b2c3help wrote: »

My question is whilst I am waiting for the certificate of completion to come through, will I need to still be doing my annual review with the company, and if for example my employment changed and my income changed during this waiting period for the certificate of completion would it be something I need to declare still bearing in mind that hopefully creditors will have already agree the final settlement.
many thanks

Hi,
No you wont need to do an annual review, as soon as your offer is accepted, if its accepted, the IVA ends, your certificate of completion could take a while, as, as previously stated, any PPI claims will need to be finalised first.