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Hi - I'm new to the group and looking for some advice concerning the order of events and expected timescales for a F&F to be accepted/declined.

I am in month 48 of my IVA with Payplan. My contract for work ended at the end of June and I am currently unemployed.

I phoned Payplan and have verbally stated I want to proceed with a F&F from my mother. My mum has also written to Payplan to inform of her offer to close on my behalf. I have £4,600 outstanding and my mum wishes to offer £4,000.

Could someone advise on the process and the timescales I can expect for each element pls?

Payplan have informed me it will take two weeks for the IP to decide if the offer is worthwhile. If it is worthwhile where does it go from here?

Thanks in anticipation x

Hi -- the complication here is that predicting timescales with Payplan is impossible, as they work to their own, unique and painfully slow, timetable.

Usually the process is that the IP will draft a variation within 21 days, which then goes to creditors with a 28 day period of notice for the meeting to be held. So the process usually takes around 2 months, sometimes three. Payplan, in recent times, seem to be taking up to 6 months.

Thanks for replying Foggy.

That timescale is ridiculous! I'm currently waiting to hear if they think I have an offer worth pursuing, do you think I should submit my letter of intent without this internal permission?

Feeling very frustrated

DaphneDebt wrote:

Thanks for replying Foggy.

That timescale is ridiculous! I'm currently waiting to hear if they think I have an offer worth pursuing, do you think I should submit my letter of intent without this internal permission?

Feeling very frustrated

Only your IP can put forward any offer to your creditors. One, slender, straw of hope to cling to is that we generally hear only the bad news on the forum. Your proposal might get through faster than of late.

Thanks - I'll wait my turn

If the offer has been submitted in writing the IP must call a meeting within 21 days in line with the terms and conditions. Send an email directly to the IP and if you are still not happy you could make a complaint.

Thanks Michael!

Should be about 6 weeks from putting offer to IP to date of creditors meeting/answer.

How are you getting on?

Lisa Thomas wrote:

Should be about 6 weeks from putting offer to IP to date of creditors meeting/answer.

How are you getting on?

Hi Lisa,

My mum put her offer in writing about a week ago. I uploaded all documents requested 2 working days ago.

I've not had any confirmation from Payplan on receipt of these docs. I have my yearly appraisal on Wednesday but not sure if they'll have anything more to tell me at this stage.

Payplan keep telling me it'll take anywhere between 3mths - 6 mths to get a decision. I'm curious as to what the f&f proposal forwarded to creditors consists of? I'm guessing it's a standard template with specific details inserted?

thanks x

Hi Daphne

They are fobbing you off!

They have a DUTY to call the variation meeting within 21 days, giving at least 14 days notice of the meeting and so as long as the meting is not adjourned and there is nothing further they need from you you should have your answer by the end of August...!

It will be a report from your IP explaining the offer and comparing the outcome to the original estimated dividend so that creditors can make an informed decision whether your offer is attractive enough to accept.

Lisa Thomas wrote:

Hi Daphne

They are fobbing you off!

They have a DUTY to call the variation meeting within 21 days, giving at least 14 days notice of the meeting and so as long as the meting is not adjourned and there is nothing further they need from you you should have your answer by the end of August...!

It will be a report from your IP explaining the offer and comparing the outcome to the original estimated dividend so that creditors can make an informed decision whether your offer is attractive enough to accept.

Thanks Lisa

We too are with payplan. Placed our full and final offer (2 and half years into IVA) in February and still waiting for a creditors meeting to be called. It has taken six months and still no meeting. If they reject it will now have extended our IVA term by six months. The stress and frustration is now taking its toll on both of us.

NickiJB wrote:

We too are with payplan. Placed our full and final offer (2 and half years into IVA) in February and still waiting for a creditors meeting to be called. It has taken six months and still no meeting. If they reject it will now have extended our IVA term by six months. The stress and frustration is now taking its toll on both of us.

I can understand why you would not want to "rock the boat" with a formal complaint to their regulators while your variation is ongoing, but would strongly suggest following this up afterwards. This has become the norm for Payplan and is beyond ridiculous!

I would send them a polite written reminder that it is your understanding that they are bound to call the variation meeting within 21 days...