Hi folks, in the process of putting forward a F&F via PJG Recovery (Melanie's team). Once this is lodged I hear there is then a 28 day lead time for creditors to vote.
What I wondered is if it might be concluded sooner if votes came in quickly or do they not actually vote until day 28?
Reason for asking is that the money to pay it off has come from my in-laws and is sitting in my bank account, the in-laws have asked me if I can return it to them if it is not going to be used for over a month as they can earn some interest but if there is a chance it could be finished before then I may as well keep it where it is.
IVA Accepted - Sep 2009
F&F Accepted - Oct 2014
CC Received - Jul 2015
Difficult to tell ... if everyone votes early and the outcome is known it might come early --- however if one decided to wait until high noon, you are stuck.
Even if they did all vote early this time period is statutory and I doubt could be overridden anyway.
With interest rates a=what they are today, I doubt it would be worth the hassle of transferring monies back and forth for the sake of a months interest.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
The creditors usually must be given 28 days notice so even if the votes are in early the F&F cannot be approved until the actual meeting date. I agree with Foggy that the amount involved is probably quite small but there is no reason not to leave it in an interest bearing account until the outcome of the meeting.
