Full and Final Offer Approved!!!

[Aceshigh1993]

I put the offer from Sprout Loans to my creditors late december and they rejected the offer, but following another variation meeting i've obtained 100% approval from all creditors!

I'm so happy that the finish line is in sight. The question is, what now?

Those that have completed their IVA, how long did your completion certificate take? I know exiting an IVA via Sprout can be somewhat controversial, but I'm so ready to be taking financial freedom into my own hands.

[Breezy]

Well done. Any idea what the changes were that swung the deal ? Or are creditors just getting more amenable to getting a deal done in the current climate ?

My completion, back in the day, took 6 months to the day (which was normal for my IVA provider at the time. We are still getting reports of 6 month plus waits, but, generally, I think the 3 months-ish still applies for most and some even a couple of weeks. I am afraid it's still a 'wait and see' situation.

Onward and Upward

[Aceshigh1993]

Well, I actually complained to those that rejected the initial offer.

It didn't sit right with me that the offer was just as good as continuing the IVA until the end of its term, but they still said no. One of my creditors had the smallest claim of them all at about £200, so I spoke to them all, rearranged the meeting and got a 100% approval rate.

By the way, whatever happened to Foggy? He was very helpful many times and I notice he's been absent for a while.

[Breezy]

Well done for fighting your corner ! As has been said before by that other meteorological phenomenon: It is YOUR IVA, not the IPs, nor the creditors. YOU are in control.

Foggy no longer acts as a moderator here and has moved to pastures new --- however his 'spirit' lingers on.

[Aceshigh1993]

Thanks very much! I don't suppose you'll know the answer to (hopefully) my final question...

Now that the F&F settlement is approved, and the direct debit is set up to pay sprout instead of my IVA company, is any bonus or overtime money mine from now?

I'm unsure on if I'm still bound by the terms of the agreement in terms of bonus monies until I receive that completion certificate.

[Breezy]

A F&F is usually couched in terms that, once the lump sum is paid, the responsibility to make further regular payments ceases, as the situation would be once you made your final payment in the normal order of things. But, technically, extra income and windfalls, etc. are still payable until such time as the completion certificate is issued. That said, some IP's lose interest and the IVA is taken "offline" while the completion formalities are carried out, and extra earned income is ignored.