I raised this on another thread regarding F&F's, but as that might slip down the page could anyone confirm that if a F&F offer is rejected and the creditors say that they will only accept the full amount by way of a F&F (i.e number of remaining monthly payment multiplied by monthly amount), is it necessary to go through the whole F&F process again ?.
I understood that it was, i.e. it'll take another 2/3 months, but is it possible to simply say "ok, the third party agrees to pay the full outstanding balance, here it is" ?.
In theory it should be the same as the initial creditors meeting, in that it can be adjourned while your counter offer is prepared, I believe, for up to two weeks. Of course, the creditors can still refuse !
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
Sorry but I'm not quite clear what you mean (perhaps nor was my original post) - my first F&F offer was rejected by my creditors on Wednesday, and apparently my IP was told that they'd only accept a F&F equal to the full amount outstanding.
When they refuse an offer, is that the end of that 'phase', i.e I have to go through the whole process again, e.g. getting the third party to amend their offer letter etc, or can this be dealt with more quickly ?.
My IP (Payplan) are suggesting that it has to go back through the whole 2/3 month cycle.
No as Foggy has correctly pointed out your IP can go back to your creditors and ask them to accept an increased offer assuming the meeting has been adjourned by your IP for 14 days
Hmm, Payplan have never indicated to me that the meeting was "adjourned". They simply rang me up and said that my offer had been refused and when I asked yesterday about the process for making an improved offer they said it would have to go through the whole 2/3 month process again.
So I suppose the query is whether the meeting was "adjourned" or " concluded" - is that a procedural issue or does it simply follow that if you make an offer and it is rejected the meeting is adjourned ?.
If the meeting has been adjourned then it is "open" for 14 days for a counter offer to be made to your creditors by your IP. Are you able to increase the offer to the full amount ? If so then you should give your IP the go-ahead to do so now during the adjournment time.
Best wishes.
Sharing from experiences of dealing with debt
There is a solution for everyone .... Just need to stay positive !
If the offer is rejected the IP will either accept that, in which case that is the end of the matter, or ask for the meeting to be adjourned -- which it sounds like they didn't.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
In short, Payplan never advised me that the meeting had been adjourned. I was called by my Case Officer and simply told that the offer had been rejected and my creditors wanted the full amount. I wasn't asked if my third party would offer more.
I then called my third party and, just to be clear, I telephoned Payplan again 20 minutes later asking for clarification on the process if my third party was willing to improve the offer. I was told (not by my Case Officer but by a colleague) that I'd have to go through the whole process again of submitting documents confirming that offer and have to wait 2/3 months for it to be progressed.
My Case Officer also confirmed that in an email yesterday. Speaking to Payplan again this morning, they clarified that the meeting was adjourned and then concluded, and hence I have to go through the whole process again. I was never told of that by my IP nor made aware of any opportunity to make an improved offer straight away.
In short I've been totally misled by Payplan. Utterly disgraceful.
Just looked at the timings on my phone log - Payplan Case Officer called me at 15.22 on Wednesday and advises me that my F&F offer has been rejected and that my creditors want full outstanding sum (but doesn't ask if my third party might be willing to improve the offer and everything she says indicates that the process has ended), at 15.45 after speaking to third party I ring Payplan back about increasing the offer and clarification on the process and am told that I'd have to go through the whole cycle again.
All my Case Officer had to say when she called was "are you sure your third party wouldn't offer more, the meeting is adjourned so do you want to establish that and come back to me ASAP today ?".
I think you need to ring Payplan and speak to your IP direct rather than caseworker. It does appear that you were not given sufficient time to reconsider and confirm your next steps.
Let us know how you get on - I can imagine how frustrating you are feeling
Sharing from experiences of dealing with debt
There is a solution for everyone .... Just need to stay positive !
I've spoken to Payplan, and the person I spoke to claimed to have spoken to both my Case Officer and a Team Leader, but said the same thing "that the meeting was adjourned and then concluded and thus you'll have to go back through the whole process".
I asked them about making a formal complaint and they're going to send me out some forms, but who should I actually ask to speak to regarding whether there is any chance of resurrecting the situation now ?.
Just to be fair and balanced, the supporting letter submitted by my third party does say "no greater sum is available". However I understood that it was the norm for the letter to say that, even if it wasn't strictly true ?.
Also, when my Case Officer did call me to say that the offer had been rejected and that my creditors expected the full amount, I did say "I cannot see my third party being willing to offer that" but of course I'd had no opportunity to consult with the third party and my Case Officer never implied or suggested that the meeting had been anything other than concluded, I was left in no doubt of that.
Really not sure where to go now. Don't want to keep ringing Payplan as they seem adamant that, regardless of the circumstances, my offer is dead and I have to go through the whole process again, and to an extent I can't see how they could suddenly reconvene a meeting...
But on the other hand I don't want to waste time on a complaint that won't improve my situation at all, especially if there is a way I can force Payplan to re-open the meeting.
Samuel - thanks, but to be blunt making a complaint isn't going to help and will take time - I'm only interested in your company trying to resolve the issue to establish whether there is any possibility of 'resurrecting' my F&F offer.
