I have been in an IVA for two years. I am a 63 year old woman, working full time in a stressful professional job. I am also a single mum of 13 year old twins. The stress of the IVA is taking it's toll and I am suffering depression. An old friend has offered to pay £7000 as full and final payment which is the amount calculated as owed in payments for the IVA. I wrote and offered this amount saying where the money was coming from. My IP contacted me and did a review of income and expenditure over the phone (with me on the verge of tears as am off work with depression at the moment). The IP came up with a slightly reduced payment with a payment holiday so that I can pay for car repairs on my ancient car. When I asked about my full and final offer, she stated that it would not be accepted because I owe £20,000 to creditors. (my total debt) Can she do this? I feel like I am stuck with no way out. The IP is Freeman Jones. I saw a light at the end of the tunnel but it has gone out again.
No, she cannot do that! Even if there is a minimum dividend requirement agreed it would be up to the creditors to decide, not her.
The usual F&F amount is the total of remaining payments, often a little less. Ask to speak to your IP direct, not a case worker who seems to require re-training.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
IVA started March 2011, Completed March 2016 and certificate issued 11 days after final payment. It was not always easy but then some of the best decisions aren't.
At two years into my IVA I still owed approximately £16000, my dad was able to introduce an offer of £8000 and they snapped his hand off to end my IVA early, speak to someone else in the firm and see what they say, otherwise consider a written complaint.
IVA agreed 14/02/2011
IVA settled 06/06/2013
Onwards and Upwards
I would definitely speak to someone else or insist on speaking to your IP (sometimes easier said than done) but do insist. Maybe put all this in writing as well addressed for the attention of your IP.
IVA final payment left the bank on the 26th January 2013...looking forward to a debt free future.
If you cannot speak to your IP at FJ ask to speak to a senior case worker,in fact demand to speak to a senior case worker,I did and I got results with my problem.
All I all I found them very good at solving issues.Except for a couple of case workers
Today 1st of December 2016 the vultures finally flew away
I'm with Freeman Jones and my variation meeting for my full and final is next Wednesday. I'm not offering my total debt, just what they would get if the IVA continued to run it's course (plus a wee bit more).
I have to say FJ have been great so far - hopefully Steven Hewitt will be along shortly to pick this up for you.
Last edited by garymitch0410 on Thu Apr 14, 2016 11:07 am, edited 1 time in total.
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
I was initially told I could not offer my F & F amount by FJ, when I posted on here I had a wise response stating the IVA is yours not FJ and they had to put any reasonable offer forward to creditors. When I contact FJ with this reasoning they soon put forward my offer which was accepted my creditors.
They are talking rubbish - make it clear its an F&F, send them the paperwork showing it's from 3rd party funds and demand they call the variation meeting or you will be taking this further with a Gateway complaint against your IP!
