Understanding an F&F

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mel865

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Post by mel865 » Thu Apr 28, 2022 1:46 pm
So, I have just been through the re-mortgage / secured loan conundrum and as of December this year my IVA goes into it's final extended 12 months as neither of those are available to me.

My question is that my mum has suggested she could give me a lump sum to pay a F&F. With the rising cost of living it is now getting close to me being unable to afford the IVA payments (particularly when my energy prices change at the end of June). I am increasingly worried that I will fall at the final hurdle, so to speak.
CF seem to just want to throw an extra 12 months at the situation which is the last thing I want.
So how do I approach CF with this and what do I offer. All being well, I am due to pay a remaining 18 months of 202 = 3636. Mum has said the most she could offer is 4000. Would this be enough and is it a good idea?

kallis3

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Post by kallis3 » Thu Apr 28, 2022 2:11 pm
You can but try - I'd try a lower offer to start off with. You could try £3k.
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Foggy

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Post by Foggy » Thu Apr 28, 2022 4:25 pm
CF often will try to bully for the full amount of payments outstanding. But, even with another firm you are only reducing the time period by just over a year, by the time everything goes through, so a big reduction might get rejected, especially if you factor in the CF will up their fees because of the variation meeting.

You could try £3k to £3.5k, but be prepared to go up to the £3636.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
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luluj

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Post by luluj » Thu Apr 28, 2022 7:40 pm
I agree with Foggy it isn't going to generate a positive outcome going in too low. The offer should be as close to the remaining payments as possible. You can try lower but for me I'd go with remaining payments minus three months (you'll be still paying this whilst waiting for the full and final offer goes through) ... I would make it clear that if the offer was rejected you would not have access to the money.
Let us know how you get on.
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