F&F

[lovemykids]

what happens in a F&F review meeting and do we have to attend? Also how long does the whole process take? We are about to inform our IP of our offer what is the next step?

[Shining]

Hi and welcome to the forum. I think you need to inform you IP and s/he will call a meeting, I think like an actual creditors meeting there is no need for attendance. One of our knowledgeable posters who have maybe been through a full and final process will be along soon to advise. Hang in there and all the best.

[kallis3]

Hi and welcome.

It's pretty much the same as a normal crediti meeting and no, you don't have to attend. It will.take a few weeks to set up.but your ip will inform you of what needs doing

[lovemykids]

thank you, I have just found this forum so thanks for your prompt replies - so many questions, so nervous - how do they decide whether its worth putting the offer across??

[lovemykids]

to add - we have a mortgage and we are meant to remortgage at the end if there is any equity but 2 years in and we still have no equity in the property at all. Our mortgage rate recently went down and so our payments have reduced therefore giving us a bit more "surplus" income however, if the rates change again we are now on a variable mortgage rate so this is not a guaranteed "surplus" income.

[Michael Peoples]

Full and finals are regularly accepted and good luck with your offer. It should be drafted and circulated in a matter of days depending on whether your IP has a backlog or not and creditors normally want 28 days notice of the new meeting date.

[MelanieGiles]

Where are you getting the money from to offer in full and final settlement as a matter of interest?

[lovemykids]

A family friend is offering to help

[lovemykids]

Michael, if it is accepted during this meeting (which takes place after 28 days notice) what is the next step and how long does it take for completion? sorry for all the questions - and if anyone else knows the answer feel free to jump in

[kazzafunk]

Hi - you pay the lump sum and then await your completion letter. Some firms are quicker than others. It can take up to 6 months as at present vat refunds have to be obtained from HMRC due to a recent change in the rules.

[lovemykids]

Thanks Kazza, I assume that by the lump sum being paid means it is accepted and successful??

[Michael Peoples]

Once the full and final has been accepted your IP will normally want to close the file down as quickly as possible. As Kazza says it can depend on which firm you are with as some seem to take longer than others.