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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mel865

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Post by mel865 » Tue May 24, 2022 10:06 am
So I've submitted a full & final offer of 3400, of course CF have not acknowledged it (par for the course!) but we are only 8 days from sending the email... I'll nudge them when it hits 14 days.

I have a couple of questions; in preparation of a hopefully a successful outcome... I've been on ClearScore and all creditors are on there as default, except a loan that is in joint names with my ex husband which has been set as 'in arrears'. Am I right in thinking this is incorrect and at least my name on that debt should be set as default?
Also, none of the defaults show a date. Where would I be able to check this?
HMRC are also a creditor but they are not showing on my file at all, would that be correct?

And lastly, if the F&F is approved do the defaults come off before the 6 year anniversary or after? And am I still under an IVA till the anniversary?

Thanks in advance

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Post by Foggy » Tue May 24, 2022 10:13 am
The defaults and the IVA come off your credit files at the 6th anniversaries, regardless of settling the IVA early. There are three main credit reference agencies and they will report different creditors, basically, whichever creditors decide to report to them ... some creditors report to none of them.

As for the dates of default, I would suggest that you go to each CRAs website and order a statutory report, which is the one the creditors see.... rather than the messed around with report which the likes of Clearscore give, which has been tweaked for market appeal and is also up to 56 days out of date.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
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mel865

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Post by mel865 » Tue May 24, 2022 10:16 am
Thanks Foggy, what about the arrears versus default on a joint loan?

Foggy

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Post by Foggy » Tue May 24, 2022 10:28 am
Tue May 24, 2022 10:16 ammel865 wrote:
Thanks Foggy, what about the arrears versus default on a joint loan?
Creditors all report defaults and arrears etc. differently, according to their own policies --- it is the state of the loan that is referenced and the loan is in arrears, rather than default. Until such time as the IVA has completed you are still a party to it. It might be worth a chat with the lenders data controller, arguing that, as you are in default, the loan should be recorded at the CRA's as in defaults as of the commencement of the IVA. You could amend the template shown here: https://www.iva.co.uk/what-does-an-iva- ... dit-record and be prepared to refer it to the ICO, should they not agree.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
http://foggy.blogs.iva.co.uk

mel865

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Post by mel865 » Tue May 24, 2022 10:43 am
Thanks Foggy, I've notice one other creditor has set their default 2 months after the date of the IVA so I'll use the template for that also, much appreciated.
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