Offer accepted, now what?

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Post by SweetPea » Tue Jun 14, 2022 5:07 pm
Hey everyone!

Today I received a phone call from DM regarding the outcome of the variation meeting on the 7th June 2022.

I got a counter offer :roll: so they got an extra £250 out of me, but I decided to just accept that and get the ball moving. It’s taken nearly 7 months from when I started the F&F settlement offer for them to finally get around to it.

So today (14/6/22) I received a phone call from the variation department, with said counter offer which I accepted, they sent over their bank details (my mother offered to pay it, shes not very tech savvy and wanted to write a Cheque but they didn’t offer that service) I asked if it was ok for my mother (me really, as she’s not tech savvy again) to send over the money to my bank account for me to then pay it, the lady on the other end said that was fine, (I record all my phone conversations for proof) so once I had finished the phone call, I called my mother to get her to send me to the money, so I could pay it straight away, money was sent over and I immediately paid it.

During that call, the lady said something about 6 months and windfall, which I’m assuming is if it get some form of big extra income, but I’ve paid it off, in full, so why is it their waiting 6months? I’ve seen that is could take 6months to “close” my Iva fully, is that what she was meaning?

How long have people been waiting for their completion certificate?

And also, when I had my Iva with aperture before DM took it over, I asked if I was able to open a help to buy, on the understanding that there would only be £1 in it to keep it open as the deadline to open one was coming to a close, aperture said that was fine, I still have the email stating that, with me today paying my full and final settlement offer, will I be able to put what my monthly contributions were to DM per month, into my help to buy account?
Or will that come around and bite me on the butt?

I also asked if I am able to cancel my DD now and if I did that it would not void my agreement and she said yes, that I could cancel my DD as she would be cancelling it on their end, I’m looking at canceling it next week when I have a day off, does that sound right? I just don’t want to cancel it for them to say that it’s voided the agreement, but I also don’t want them taking any more money from my account.

One last thing, when will I be able to apply for a credit card? Just to start building my credit score back up? Don’t want to apply for one, incase again it comes to bite me on the butt!



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Post by Foggy » Tue Jun 14, 2022 5:21 pm
Congratulations !

Most F&F offers are neither full nor final ! They are usually just a freeze on regular payments, pending formal completion of the IVA, which can take up to 6 months, although many do it far faster. This is to allow final checks, 'i' dotting and 't' crossing, and final dividend distribution to creditors.

Until you get that completion certificate you are still in an IVA, but, absolved from responsibilities with regard to earned income and regular payments. However, you are still potentially liable to pay over windfalls if you get any.

Your pay is yours, bonus and overtime payments are yours and you are free to save them as you see fit. I would not apply for a credit card until at least the certificate has been issued, as refusals will stain your gleaming new credit file, once the IVA and defaults have dropped off.

Have a read here --- ... dit-record --- you can start preparing for the future by making sure your credit files are as healthy as they can be for now.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
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