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F&F's-CCCS or do it alone?

2

Comments

  • CCCS_Sarah
    CCCS_Sarah Posts: 1,555 Organisation Representative
    Bunnyinthelights wrote: »
    Thanks Sarah,
    Much appreciated.
    I am calling on Thursday to do my review and will discuss it then

    Just mention I have put it forward as a suggestion. IVA’s are only good for a very small percentage of people but if you do fall into the category they are great!
    I am a Debt Counsellor that works for the CCCS and have specific permission from Martin, to post on these boards to try and help those in debt. Read more information on the CCCS and what it does in the Debt Problems: What to do and where to get help article.

    CCCS is a registered charity, and there is no charge whatsoever for any of the services we provide to our clients. We take great pride in offering first class help and advice, but we only offer this where we have been able to fully explore and understand your circumstances with you. We want to help you understand these choices and their possible implications but not make them for you.
  • CCCS_Sarah
    CCCS_Sarah Posts: 1,555 Organisation Representative
    An IVA would be legally agreement so once your creditors have agreed there would be no later come back. Also if you have any larger debts that are willing to agree they may have the deciding vote over the smaller creditors as you would need 75% of creditors (monetary value) to agree.

    If you were to offer full and finals and not all your creditors were to agree you would still have to pay monthly payments i.e. may still be on your DMP.

    We would go into a lot more detail on your review as they are hard to explain via forums.
    I am a Debt Counsellor that works for the CCCS and have specific permission from Martin, to post on these boards to try and help those in debt. Read more information on the CCCS and what it does in the Debt Problems: What to do and where to get help article.

    CCCS is a registered charity, and there is no charge whatsoever for any of the services we provide to our clients. We take great pride in offering first class help and advice, but we only offer this where we have been able to fully explore and understand your circumstances with you. We want to help you understand these choices and their possible implications but not make them for you.
  • LilacPixie
    LilacPixie Posts: 8,052 Forumite
    well a 16K settlement for 44k of debt is just over 35%.

    I'd personally offer each a pro rata 20% F&F then if they refuse re-offer the 20% then if they still refuse let them stew for a bit. Remember in the letter to state that you have XX amount availible from a 3rd party for F&F settlements only.

    If the debt is with a dca there is a good chance they bought it for pennys anyway.
    MF aim 10th December 2020 :j:eek:
    MFW 2012 no86 OP 0/2000 :D
  • CCCS_Sarah
    CCCS_Sarah Posts: 1,555 Organisation Representative
    Make a list of any questions you have and your counsellor will answer them in your review. Then you will have all the information you need to make your decison.

    Good luck
    I am a Debt Counsellor that works for the CCCS and have specific permission from Martin, to post on these boards to try and help those in debt. Read more information on the CCCS and what it does in the Debt Problems: What to do and where to get help article.

    CCCS is a registered charity, and there is no charge whatsoever for any of the services we provide to our clients. We take great pride in offering first class help and advice, but we only offer this where we have been able to fully explore and understand your circumstances with you. We want to help you understand these choices and their possible implications but not make them for you.
  • Bunnyinthelights
    Bunnyinthelights Posts: 15,278 Forumite
    Thank you both.
    I feel almost free!
    It's a REAL possiblilty I will be debt FREE by end of summer! OMG!
    Empty pockets never held anyone back, only empty heads and empty hearts can do that -Peale
  • System
    System Posts: 178,374 Community Admin
    10,000 Posts Photogenic Name Dropper
    Hey good luck Bunny and theres some top advice from Sarah there. Way to go Sarah. Never heard of a lump sum IVA before. I hope they accept the F+Fs and I would agree to start as low as possible. Dig your heels in as well. Hang on in there Len x
    This is a system account and does not represent a real person. To contact the Forum Team email forumteam@moneysavingexpert.com
  • Runnybabbit
    Runnybabbit Posts: 494 Forumite
    CCCS_Sarah wrote: »
    An IVA would be legally agreement so once your creditors have agreed there would be no later come back. Also if you have any larger debts that are willing to agree they may have the deciding vote over the smaller creditors as you would need 75% of creditors (monetary value) to agree.

    If you were to offer full and finals and not all your creditors were to agree you would still have to pay monthly payments i.e. may still be on your DMP.

    We would go into a lot more detail on your review as they are hard to explain via forums.

    Hi Bunny and Sarah
    I am so glad that you posted this thread :T , as I was beginning to wonder about the next step for me (purely for selfish reasons!!! lol)
    I hope it all works out well for you, please do let me know how you get on. Babbit x
    :D Opinions are like bottom holes, we all have one :D
  • Snaggles
    Snaggles Posts: 19,503 Forumite
    No advice for you Bunny but just wanted to wish you luck, and I really hope your creditors agree to it. xxx
    "I wasn't wrong, I just wasn't right enough."
    :smileyhea
    9780007258925
  • Bunnyinthelights
    Bunnyinthelights Posts: 15,278 Forumite
    Thanks Snags x
    Empty pockets never held anyone back, only empty heads and empty hearts can do that -Peale
  • doodledo_2
    doodledo_2 Posts: 4,676 Forumite
    No advice either I am afraid but just wanted to say good luck with your F&F's.

    Really hope you are debt free soon but wish it was under better circumstances.

    Would be a fantastic fresh start for you and your children though.

    Have my fingers crossed.
    Proud to be dealing with my debts - DFW No: 712

    03/09/09 - DEBT FREE AT LAST :D
    Racing Hypno to Save - £10/£5000
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