If your F&F is rejected

[popcorn]

I am just about to put in a F&F offer for my IVA. The money comes from my parents after a possible threat of redundancy.

I was just wondering, if this figure is rejected (it is pretty much bang on the dividend they are asking for BUT I do have a clause in the 4th year for equity, however my property doesn't have any in it at the moment as I only bought last year) do you get to offer another figure there and then (if I could persuade my parents) or do they expect the absolute best you can do and then you have to wait for an "x" amount of time before reapplying for another meeting.

That probably makes no sense whatsoever!

Thanks

[Julie]

Hi not sure of the answer, but will bump it back up for an expert to answer.

[MelanieGiles]

Yes - there will be time to negotiate, but it sounds to me if you are already making a good offer, so we will keep our fingers crossed for you.

[David Mond]

Your IP should be able to word the offer appropriately and pointing out that there is currently no equity in your home. I am sure they will accept as it virtually matches your original offer. Good luck.

[kallis3]

Everything crossed for you popcorn.

[popcorn]

Thanks everyone. The only sticking point is that my biggest creditor is Northern Rock on the Together Mortgage and I think I read somewhere that they are more likely to stick to their guns.

Also - what I am offering is over my original dividend but I had a review last month due to a pay rise and my payments have increased by £27 per month. If I based my figure on that then it doesn't quite reach the new dividend. Is it the original or the new payment which is used for working a full and final settlement figure?

THanks

[kallis3]

I think if it is more or less what you would have been paying, then you should be ok.

NR will be getting back what you said you would pay them, and they will be getting it earlier than they should.

You can only try.

[Michael Peoples]

In addition to getting their money early NR will be guaranteed the money which could be at risk if you are made redundant. Even if your increase at annual review would increase the proposed dividend this is not guaranteed to be the case for 5 years. 'A bird in the hand'

[popcorn]

Thanks guys! Just waiting for BE to pull their finger out now and fix a variation meeting !

[plasticdaft]

Given that BE post on the forum I wouldnt imagine it would take too long to sort out.

[kallis3]

Lets hope they see this - I haven't seen them on for a while.

[popcorn]

I have just spoken to them and apparently someone else needs to call me back for a consultation (even though it was all in the letter I sent and the conversation I had with them when verbally putting forward my F+F) when they get round to it !!! 10 days down and no nearer to a variation meeting !! It's so awful when you just want to know if you're going to be debt free or not.

[kallis3]

That's not good at all.

If you go to the experts link on the left hand side of the page, you should find the BE representative listed on there with an email address.

Email him and see if he can gee things up. Mention that you've contacted him via this site.

[David Mond]

Or let us know if unsuccessful and I'll ensure someone will contact you from the firm.

[kallis3]

If you have not managed to speak to your own IP, you can always try to contact him via this link:

http://www.insolvency-service.co.uk/newipsearch.htm