Hi. Is it quite promising that I am offering a sum equal to payments I would have made for F&F ?

[Cal1976]

Hi

I started my IVA a year ago but have been given the money by a Parent to offer F & F settlement, I have offered the same amount as I wouldve been paying back over the 6 years. I am with Payplan and have been advised that 'Things now do need to be authorised by our accounts department. Unfortunately I’m unable to provide a time frame for this' would you be able to give me an indication of time frame please? And is is quite promising that Ive offered the same amount back?

Many Thanks

[Shining]

Hi, I'm sure the offer is favourable being the same amount as they would receive with monthly payments. Have you taken into account any equity that was to be realised? (if any).

Do you intend to continue with monthly payments prior to the meeting for the f&f offer?

Hopefully things will progress and it won't be too long before you get a meeting date.

[Diane.65]

Hi Cal1976, i was only in my iva 3 months when i put forward an offer for the remaining monthly payments as a F&F, my circumstances had changed and i would have been unable to keep the iva going if the offer was rejected, i took 3 months from start to finish and my F&F was accepted. hope that helps give you some sort of time frame but some companies maybe slower than others.

[Hyperdrive]

Cal1976 we started the ball rolling end of November and have just signed the proposal letters last week - so another 28 days notice for the Creditors meeting, and we are looking at middle of April I guess.
Having said that PayPlan were going through a backlog of completions following the mass variation meeting in November, and my self-assessment tax return wasn`t submitted until Jan 31, so Diane`s 3 months is probably right.

[Cal1976]

Thanks for your replies guys, there is no equity as Ive just broken even, I am paying Payplan my normal monthly amounts.

Guess I just need to be more patient!! Frustrating as I know there's a possibility of paying my IVA off!

[Shining]

If you make the offer of x amount and continue with payment for 2 or 3 months until the offer is accepted *fingers crossed it will increase the dividend further.

[Hyperdrive]

Got an email tonight off my case officer - F&F meeting is on April 12 !

[Cal1976]

Yay, Good Luck, keep us posted!