I've been looking at the idea of F&F settlement.

[suky424]

I've been looking at the idea of F&F settlement. I am coming to the end of year 4 of my iva and am expecting to pay in an amount of around £6500 as windfall payments (from redundancy and a PPI claim) over the next couple of months. Although this will not clear the full debt I am wondering whether this, along with an offer of money from a 3rd party would be likely to be accepted?

[Shining]

I would discuss this with your IP, bearing in mind a meeting will have to be called for creditors to agree and this can take some time. Have you equity to release too? x

[suky424]

No equity, but given the current situation once the redundancy and PPI has gone in I will have paid substantially more than the original agreement. I will wait for the payments to be made and then discuss the options with them.

[Shining]

It sounds like you're in a favourable position,all the best x

[suky424]

fingers crossed

[allancsn]

Be very careful about including redundancy. It might have to last a fair time while you look for work. After four years and with the PPI money there might be enough in the pot to make a f&f with the money to date on the basis you're unlikely to get a job in the near future
Discuss with your IP it's a fairly common scenario these days. Creditors are very open to getting there money rather than waiting to see if you get back on yor feet
Keep the redundancy out of the offer if at all possible. You might need it to keep a roof over your head.

[suky424]

Thanks allancsn. Unfortunately (or rather fortunately) I was made redundant over a year ago, found a job after a few months, spoke to someone at my IP and got some duff advice on how I could use the money, which always helps. Tried to get a figure out of my IP for payment of remaining amount on 3 occasions over the year. Didn't hear anything from them until I got a letter advising that I didn't have anything more to pay for that year, I rather foolishly took this to include the redundancy. Earlier this week they contacted me and asked for the redundancy money. Obviously there isn't anything left due to a number of issues over the last year and I'm currently waiting for them to get back to me. Probably with a breach notification, I have some cash saved with my parents so i'm hoping its enough and they'll take it without classing it as another blooming windfall!! The last thing I want is a variation, I want it over as soon as I can. Rant over

[suky424]

Well... as an update on this. I was made redundant again just before Christmas last year. I haven't been on here for a long time as I've been too down to be honest. But... and here's the good thing. My IVA company have been brilliant!

I cancelled my payment into the iva straight away as my company went into administration and was unable to pay me for my last months work, let alone any pay in lieu of notice (I was not entitle to redundancy this time round). I contacted my IP immediately and told them the situation and what I had done, at this point I asked to put forward a F&F offer based on money already paid in. They agreed to this and a creditors meeting was arranged for 25 Feb.

Luckily I have now started a new job and have agreed to restart my repayments at a slightly higher amount in order to complete my iva on time in October 2013 ... I can't wait, the extra expense will make the next 9 months difficult but given that I have just spent 3 months with little or no income I know I can cope.

So, to all those people out there wondering which company to go with. I can now say without a shadow of a doubt that I am glad I chose Kingsgate Insolvency. The last 2 years have thrown up a number of problems for me and Kingsgate have always been there for me.

Roll on Christmas 2013 ... I'm gonna have a much better Christmas this year!!!!

[GilliB]

Hi suky. What a lovely update. Thanks so much for sharing. That's what's so great about this forum. There are so many diverse scenarios that we can share and learn from - especially for those contemplating an IVA. Merry christmas in advance of 2013!! x