I know these questions may seen bonkers given the subject, but how soon after a full and final is accepted does the money have to be paid? and can it be paid in two or three lumps in very quick succession ie consecutive months.
I imagine it is paid in one go, and straight away, but.....
It purely depends on what offer and under what terms you have made either in your proposed proposal or variation. Most F&F are virtually instant but again can be over a shorter period of 2 or 3 months if creditors are satisfied that the money will appear.
Last edited by David Mond on Tue Jan 06, 2009 10:49 pm, edited 1 time in total.
Regards, David Mond, Insolvency Practitioner for over 46 years. Personal Insolvency Practitioner of the year 2012, Personal Insolvency Practitioner of the year finalist 2013 & 2014 awarded by Insolvency & Rescue Magazine and 2015 finalist for Personal Insolvency Firm of the Year.
my employers are considering lending me the money for a full and final, but as a relatively small business it would be easier on them to pay it over say three months. It also leaves my job more secure i guess (although i have no reason to think it is anything but secure at the present)
Then creditors knowing that it is coming from your employers will be mindful to accept payment say over a 3 month period. Speak to an IP who will in turn require a letter from your empoyers confirming such installments subject to creditors agreeing to the proposal. Select an IP and get cracking - visit www.iva.com for reviews on many IP's. Good luck and let us know how you get on.
Last edited by David Mond on Tue Jan 06, 2009 11:01 pm, edited 1 time in total.
Regards, David Mond, Insolvency Practitioner for over 46 years. Personal Insolvency Practitioner of the year 2012, Personal Insolvency Practitioner of the year finalist 2013 & 2014 awarded by Insolvency & Rescue Magazine and 2015 finalist for Personal Insolvency Firm of the Year.
Is this for a new or existing IVA? I generally allow up to 12 months in my proposals, but in reality the sooner the better. You IP will probably also want comfort that they are a solvent business who will honour any committment to you.
It is a new, as yet unproposed IVA (to be proposed this month tho)
The business can demonstrate it is successful and I have provided evidence to the same effect to my IP - lets say they are a well known welsh ip
Indeed my employer has a monthly comitment of £8k which is due to complete after Feb 09, and it was suggested this level of payment could be made monthly from March onwards until the debt is paid in full (Obviously only a few motnths will see it gone) The company has been unbelievebaly supportinve and i want to ease it for them as much as possible, so Im just looking for options until i speak to my Ip later this week
without going into the details of the case here, which i believe are complex and unusual, i have nothing but the utmost respect, praise and gratitude to Sue and how she has managed me throughout her involvement in the last 8 months - thats how long it has been since i started this roller coaster ride!
Im nearly there, not sure i have all the answers, not sure i have the deal sewn up by any means, but i can say it would have been much harder but for her support.
And when i speak to her later this week i know i will have had time to do my absolute best to meet the standard i need to achieve, and the help on this forum will go a long way towards getting me there
thanks everyone
