1st IVA payment

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Kazzy E

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Post by Kazzy E » Sun Jun 29, 2008 5:52 pm
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Hi Guys, just out of curiosity. When does the first payment of your IVA have to be paid? Is it after your creditors meeting or do you need to hand it over prior to the meeting, if so how long before? Kazzy x
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Moneystinks

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Post by Moneystinks » Sun Jun 29, 2008 5:53 pm
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We've been asked to send a cheque with our signed proposal!

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luluj

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Post by luluj » Sun Jun 29, 2008 5:55 pm
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We paid within 28 days of our creditors meeting being approved! IP's vary.......ask before your creditors meeting so that you can budget in case!
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MelanieGiles

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Post by MelanieGiles » Sun Jun 29, 2008 5:55 pm
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Kazzy - it depends from IP firm to IP firm. My policy is to have received the first payment with the return of the signed IVA proposal, but others may take more up front payments, and some take no payments at all until the IVA is set up. Monies ought to be returned to you in the event that the IVA is not accepted by creditors.
Regards, Melanie Giles, Insolvency Practitioner
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Kazzy E

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Post by Kazzy E » Sun Jun 29, 2008 5:59 pm
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Right thanks Guys, so Melanie, am I right in thinking that when I receive my proposal, it will have the exact payment in it at that stage which you will be expecting me to pay each month? Kazzy x
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MelanieGiles

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Post by MelanieGiles » Sun Jun 29, 2008 6:03 pm
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Yes - but we will have held a detailed meeting with you before that stage to discuss and agree the level of your payment - so there will be no nasty suprises!
Regards, Melanie Giles, Insolvency Practitioner
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Kazzy E

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Post by Kazzy E » Sun Jun 29, 2008 6:07 pm
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[:)] Oh yes of course, I forgot about the meeting. It's great that we get to discuss it properly before the proposal is finalised - as you say, by the time I receive the proposal, I should know exactly what will be in it. Thanks for your time Melanie, Kazzy
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