length of time to hear back from F and F offer?

dayleb23

Hello, I put an offer forward for my F&F offer to pay off my IVA early last week. I know my IVA company stated 6-8 weeks, and im still to recieve all of the paperwork back to sign electronically and return to them. but everything else is done on my part. 

through personal experience, how long has everybody else had to wait to hear back? I hear such mixed reports!

sourcrates

Could be a delay due to the pandemic, most office staff are still working from home.

dayleb23

sourcrates said:

Could be a delay due to the pandemic, most office staff are still working from home.

I really hope not!! the 6-8 weeks estimate is long enough to sit twiddling my thumbs lol. Im with PayPlan and I have heard they're relatively slow with sorting out paperwork for F&F's so I just wanted people with personal experience to say how long they waited. 

reliquit

Sorry - what does F & F stand for in this context?

mwarby

F&F is full and final, an offer to end the IVA early, either by a lump sum or payments to date(if there has been a change of circumstances which make ongoing payments no longer viable)

They might not have presented your offer yet, if it’s not be signed. I believe in normal times it’s 2-4 weeks once the new proposal has been sent to creditors. It’s of course possible that the responses come back more quickly

dayleb23

mwarby said:

F&F is full and final, an offer to end the IVA early, either by a lump sum or payments to date(if there has been a change of circumstances which make ongoing payments no longer viable)

They might not have presented your offer yet, if it’s not be signed. I believe in normal times it’s 2-4 weeks once the new proposal has been sent to creditors. It’s of course possible that the responses come back more quickly

yes you are correct, I am still waiting for the documents to come back to me to sign and send off for PayPlan to put forward to my creditors, im constantly checking my emails every 20 minutes lol. goes without saying there will be NO delay from me to get them sent back imminently, I just hope it goes through faster than 6-8 weeks total (sometimes even 3 months I've heard on other posts, but these are from 2018, unsure if they've managed to speed the system up a bit).

As I said, I sent my docs off last Friday, so hoping to hear back from them sooner rather than later.

RauHughes

A variation is required for a f&f settlement and a creditors meeting must be held to consider the variation, with the normal 75% approval required. The statutory notice period for a variation meeting is 28 days. The remainder of the time (2-4 weeks in this case) is to prepare the variation paperwork. 

Once you've received the variation proposal to sign it'll be 4 weeks and you'll get written confirmation of when the meeting will be held