how long before i get funds should i contact my IP

[james_7]

Hi all
I posted a question the other day about a £10 k offer to end iva early.
I wonder how long before I will receive the funds should i ask my supervisor if the £10 k would be enough to end my IVA?
Also from the time of asking if offer ok how long does it take to sort out meetings?
And how long to complete if offer accepted?
And how long does the certificate of completion usually take to come ?
Once again thankyou all very much for your help very much appreciated
james

[neverending]

James
You need to speak with your IP and ask them if they feel that the 10k will be enough.
The vatation meeting will take 28 days from the proposal being sent out to your creditors.Once it is agreed it will be up to you to give the money to your IP so that they can distribute the funds and complete your IVA,this should take a couple of weeks and your certificate should follow shortly after that.
Can I ask where you are getting the 10k from ??

[jamesfalla]

hi James

Neverending is exactly right here. You must discuss the suitable settlement offer with your IP first. They will be able to advise you how much you will need be reasonably assured that the creditors will accept the full and final offer.

At that time, you also need to discuss with your IP what you think you might be able to raise and what flexibility for negotiation there is

The last thing you want to do is organise the funds and then find they will not be anough to settle the IVA.

James Falla

Expert in IVA, Bankruptcy and informal Debt Management solutions for over 10 years.

For more information visit www.jamesfalla.com and visit my blog at: http://jamesfalla.blogs.iva.co.uk

[james_7]

hi and thankyou for your advice its very much appreciasted. money is coming from a family member which i will have to pay back its just less stress than being involved in an iva
many thanks james

[MelanieGiles]

I just concur with the advice of the earlier posters. Do not wait until you have the money before you discuss matters with your IP. The timings of all the steps you refer to are not set in tablets of stone.

I am sure that your IP will do the very best for you, but the priority of dealing with a variation meeting is often lower than dealing with new IVA applications. Do bear with your IP in this regard.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk