Hi, I just wanted some thoughts on this. I have received my proposal and I noticed that they are saying I should make the first payment before the creditors meeting. Is this standard practise ? seems quite strange to make a payment before the IVA is approved ????
Many IP's like to have that first payment in hand, so on acceptance the ball has already started rolling. However, they will also accept payment shortly after the meeting, but certainly within 28 days.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
In the unlikely event that the IVA is rejected you should get your money back. Also as Foggy says if you cannot make this payment in advance the meeting of creditors will not be held up.
