F&F offer near end of messy IVA

[rke3215]

Hi, I'm with Payplan and our relationship is very poor at the moment. Any help very welcome...

Month 57 of 60. £29k paid into IVA, £30k debt. 6 extra payments now added (max allowed in plan) to cover PPI, 2 missed payments, unpaid earnings.

Own my house, and possible remortgage is included in the plan.

Payplan have just demanded immediate payment of £610 after receiving my P60.

A friend has offered me up to £3000 to "clear my debts".

Is a full and final offer at this stage likely to be accepted? I am unable to pay this latest £610 demand, so the IVA will soon fail.

Thoughts or advice please

[Foggy]

I am assuming that you are likely to get a 12 month extension in regard to equity release, in which case it would be possible to make a F&F offer to cover the 3 payments outstanding, the 6 added and a further 12 for equity (if applicable). If the 12 month extension does not apply, there is too little time to arrange a F&F at the speed Payplan process these things.

So -- to arrive at a F&F offer amount you need to multiply your current payment amount by the number of months remaining.

All that said, it looks like you have had a bumby ride with Payplan to date and already have arrears (undeclared income) as well as several other issues ... this latest demand relates, it would seem, to further undeclared income, so Payplan might be of a mind to play hardball and there is a possibility that, in the absence of immediate payment, they might be minded to fail the IVA. Maybe your friend would offer the lump sum to dclear the arrears and get your IVA back on track, then for you to continue until the contracted end.

[rke3215]

Thanks Foggy. Is it possible to make a F&F offer once I'm informed the IVA has failed?

I believe this latest demand is for an amount already added to the end of the plan. Same amount, from the same financial year - and it's rare I get paid any overtime.

Unfortunately Payplan won't respond to my emails - I've sent one a day since Monday. On the phone they just say they'll get back to me

[Foggy]

Thanks Foggy. Is it possible to make a F&F offer once I'm informed the IVA has failed?

I believe this latest demand is for an amount already added to the end of the plan. Same amount, from the same financial year - and it's rare I get paid any overtime.

Unfortunately Payplan won't respond to my emails - I've sent one a day since Monday. On the phone they just say they'll get back to me

If the IVA has formally failed there is nothing that can be done. You need to make a formal complaint if they are failing to explain themselves and, in the process, denying you the chance to put things right. After this you can escalte a complaint to their regulators. When you next speak to them ask for details of their complaints procedure.

[rke3215]

Thanks Foggy. I've already asked the to send me details of their complaints procedure, and they said they would. Nothing...

Phoned today and they confirmed my emails and phone calls were logged. I asked why they were refusing to respond, and the person taking my call didn't know.

She agreed to email me during today, just to confirm they were actually dealing with my emails, and what the delay is. The office has just closed - and nothing

I feel so ill and stressed with all this anxiety and feel so, so let down by this sham of a company.

Rant over, thanks for your help. It's good reading on here about people who have survived their IVA and the only thing that keeps me going.

[rke3215]

A little update that may be of use to others...

Finally got a reply from my provider today. Hardly touched any of my requests for information, but did say latest (and totally unexpected) demand was based on P60 2017. The only way it could be wrongly calculated was if I had deductions such as pension etc., which are not included.

For me to owe £600, I would need to earn an average of £1915 net per month, but I very rarely get anywhere near to that income, even when working Christmas Day, Boxing Day and New Year..! However, I pay roughly £370 a month directly into a pension which is deducted at source, and hence not shown on P60.

My provider, despite numerous requests, will not itemise the extra months of payments added to the end of my plan. They just say "arrears solution for unpaid PPI and undeclared earnings". I've tried to challenge these charges with little response, but now I'm thinking these are probably related to my pension contributions as well.

With only 5 days left until my IVA goes into a third missed payment, and pending failure - it would have been nice if my provider had been at least a little bit more helpful a little bit earlier

[Foggy]

A little update that may be of use to others...

Finally got a reply from my provider today. Hardly touched any of my requests for information, but did say latest (and totally unexpected) demand was based on P60 2017. The only way it could be wrongly calculated was if I had deductions such as pension etc., which are not included.

For me to owe £600, I would need to earn an average of £1915 net per month, but I very rarely get anywhere near to that income, even when working Christmas Day, Boxing Day and New Year..! However, I pay roughly £370 a month directly into a pension which is deducted at source, and hence not shown on P60.

My provider, despite numerous requests, will not itemise the extra months of payments added to the end of my plan. They just say "arrears solution for unpaid PPI and undeclared earnings". I've tried to challenge these charges with little response, but now I'm thinking these are probably related to my pension contributions as well.

With only 5 days left until my IVA goes into a third missed payment, and pending failure - it would have been nice if my provider had been at least a little bit more helpful a little bit earlier

Most providers would have been more helpful. Unfortunately yours is undergoing massive internal changes and staff losses, so the reports say. Add this to the fact that they are incredibly under resourced anyway (1000's of live cases and 1 IP split between several base offices) and their customer service is non-existant. As a so-called "charity" provider, they do not need to rely on customer referrals or reputation, being fed clients by the creditors themselves and I am afraid it shows !