Ok so I've only been in my IVA a couple of months and my bf has mentioned helping pay it off, im with credit fix (no problems at all so far) i was just wondering what information they need/want when making an F&F...will they want payslips, bank statements, any info from my bf? Does it have to be paid in a certain way? My bf has A* Credit and is thinking of paying it off with a no interest credit card which we will then both pay half and half back. Do i have to have a reason for wanting to offer an F&F?
You do not need a specific reason for a F&F, but any compelling reasons will help convince creditors. They often do a mini review, depending on the reasons for the offer, but, as it isn't long after your intitial review, they might not bother. They will need to know where the money is coming from and will need evidence ..... sticking point here is that YOU cannot take on any credit, even borrowing off the b/f for a F&F, without the agreement of your IP -- so it would be better that you didn't mention the plan to pay any back to him. Also, some creditors do not like F&F offers to be financed with credit anyway, so that will be another hurdle. If agreed the money should go from his account to Creditfix ... NOT via your account.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
I’ve only been in my IVA 8 months and with Credit Fix. I put in a F&F offer in April and they are having problems with paperwork so it’s been adjourned 5 times so far. So be prepared for a long wait until they get it sorted. Apparently 700 clients are in the same boat. One creditor has rejected the offer as it’s too early in their eyes. I just want rid of the horrible thing.
GoonerDad wrote:Do Creditfix and the creditors gain out of this deadlock, part of me wonders if it is by design?
Not if payments have been suspended by prior agreement or if the offer includes a condition that payments made after a given date will be deducted from the lump sum.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
