timings

[BlueShoes]

Hello
Once your IP has sent you the draft proposal to check and sign(which will be happening shortly), how long before the creditors meeting usually?
I'm assuming that if the IVA is approved then payments will start immediately, (our IP will have a cheque for the first month's payment at the meeting to demonstrate our committment to the whole process, and our ability to pay)
Can you delay the subsequent payment to come from your account until after your next payday(s), otherwise you could end up with two payments coming from the same months' money? (we are paid monthly, about 5 days apart)
If the meeting is adjourned due to an agreement not being reached, I am assuming the first and subsequent payments are also "adjourned"?
We are fortunate in that we are not being hassled by creditors on the phone (yet) although have had a couple of stern letters from the usual suspects.
Thanks
Blue

[Adam Davies]

Hi
If you make your payment on the day of the meeting then the next one will be due a month after that so you should be paid again before you make the second payment.Your IP will not expect you to make two payments from one months wages.
regards

Andy Davie
IVA.co.uk Spokesperson

About me:
http://www.iva.co.uk/andy_davie_profile.asp

IVA Helpline: 0800 197 4838
http://www.iva.co.uk/iva_helpline.asp

[MelanieGiles]

Your IP will give the creditors 21 days notice of the meeting, which will be called as soon as you return the documents.

Your second payment to the IVA will be timed for a time convenient to you, but will not be in the same month as the first payment for obvious reasons.

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