I like to ask about FF settlement. Can this money be made up from money from say those saved in an IVA budgeting and also from third party. I am talking about 5 Grand for a FF offer
If the offer is rejected, do you just carry on with your payment? Has any one done it and share that experience.
Hi, yes, in theory, you could supplement an F&F with savings made from your allowances, 50% O/T shares, etc. Of course the third party could always take full credit, which would make life simpler in the event of a refusal.
If the offer is rejected, the IVA will continue on the previousky agreed terms.
Make it clear, however, that the money is for the purposes of F&F only and will not be available otherwise.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
I have about 5 months left and I am paying about 900 quid a month. I've save up my £50 a month contingencies and other bits since my IVA started. I've no car,rented, put the contingency money in an 'unbreakable piggy bank'. My brother is self employed and offered me a 3 grand private loan. I'll pay him back instead and get a cleaner credit file for jobs and things.
If you only have about 5 months left, there is a chance that by the time the creditors meeting has been arranged, variations done, etc you will only have a couple of months left.
I agree with Paulyb - it may not be worth it as a variation meeting takes a while to set up and you have such a short space of time left it would be best to let it run then you don't anyone anything.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
Ah. As PaulyB says, time wise it is probably not worth the hassle. In any even, the IVA will still affect your credit for the full 6 years from acceptance, regardless of when it ends, so there is nothing to be gained there, either.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
Hi
No real advantage to be honest with you and your IP would have to charge to put a variation meeting forward. As others have said your credit file will be affected for the same lengh of time regardless of when your IVA concludes
Regards
Oh,I have not revealed that I am an engaged Police contractor, my vetting is up for renewal...and I besides my self - CREDIT CHECK! My IVA isn't finished by that time of checks.I though by pushing a FF settlement will make the Credit file look normal. I have been on a knife edge on this subject....
I can't see why creditors would refuse a F&F at anytime (assuming the money wouldn't be avaialable otherwise) I beleieve the creditors also get a prorata fee back from The IP!
I see no reason for a creditors meeting in a full and final, only if you were making an offer that was less the agreed xx pence in the pound to finish.
I finished 5 months early just by paying up the projected value on the chairmans report and there was no creditors meeting.(I know this as my IP would charge me for tying his own shoe laces if he could) I did this just to get finish it and of course by the time they do the paperwork to get your C.C that's another four months, on a good day!
785583 - you may need to come clean about this and I am sure there won't be a problem.
As ginger says, the IVA will still remain on your file for the full six years.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
