well ive done my review and no change, a friend has offered to pay a F&F of £2500 for me.
This is £300 more than they would expect to get if it was to run for another 24 months on my current payment.
I inquired with my IP about offering a F&F and they've told me they cant help with offering a figure its down to me and cant help on advise whether they will accept it or not.
bit disappointing really as i thought they were there to help me each step of the way, or am i expecting too much?
can anyone advise how to go about it and whats ya realistic figure to offer?
Payplan cannot specifically advise on what to offer for a Full and Final settlement of your IVA.
We help present your offer to your creditors, but it is they who ultimately vote on this and the circumstances surrounding it - therefore we are unable to make any promises/guarantees about the outcome.
Should you require any further information, please contact your assigned case officer or alternatively contact me directly (e: samuel.jepson@payplan.com)
Many Thanks
Samuel
Payplan Representative
Payplan offer a range of solutions including IVAs and free DMPs. To find out more and to contact us please visit www.payplan.com
I guess the issue is dippy, you still owe all your debt until the iva completes, so if you want your ip to advise on a sum, they're going to say 'the remaining amount of debt' really as that is what you owe, which is why they can only advise on anything you propose and how likely depending on the creditors you have, they a to accept, which is why when you look at full and finals historically, most that tend to be accepted for no other reason than you want out, tend to be remaining number of months x iva payment, I wouldn't personally be offering £300 more than that.
cheers for all your replies, i have put it all down to myself not understanding everything i b***** hate money and cant wait to be debt free and start a fresh
also once my phone contract ends will be switching to payg cant wait
Why can't the IPs at Payplan give advice to their clients as to what might be acceptable as an offer of full and final settlement Samuel? I am curious as to this statement
Sounds odd to me too!
Surely the IP has an obligation to their clients to assist them in all aspects of the IVA. Out of curiosity, how many IPs have Payplan got and how many IVAs do they do per month? We have four IPs and do 60-80 IVAs per month and if any of our clients wants to speak to their IP they will be able to do this.
Do Payplan have the same ratio of IPs to clients as us?
That is certainly how the IPs in my practice operate Michael, as through our vast experience we tend to know what is likely to be acceptable to creditors, and how best to present our clients' offers.
We have five IPs, and we do around 30 cases per month - although three of our IPs only do corporate cases, so I guess it is better to say 2/30. Myself and Sue always speak to our clients at the outset of the advice, and when we are finalising the proposals - and our doors are always open throughout the case. Something I will never change, which is why I will probably never become a millionaire!
