I am considering making an F&F offer and have some questions I cannot find answered on here recently.
The IP must put forward to the creditors, within 21 days any reasonable F&F offer right?
If the F&F is rejected, does the IVA just continue exactly as before?
Am I entitled to a report of the outcome of the creditors meeting?
Is there any danger in submitting a F&F offer?
Finally, my wife, who is NOT in the IVA, is the one stumping up the cash from a private account of hers. The money was a gift to her from her family that she was given recently (in year 3 of the IVA). Is this OK?
Answers in red for you (hopefully if the font colour changed!)
The IP must put forward to the creditors, within 21 days any reasonable F&F offer right? ANSWER -It will be dealt with in the sane timeline as your original iva proposal - once written creditors are given the time to consider and vote
If the F&F is rejected, does the IVA just continue exactly as before? ANSWER - Yes it would continue as agreed
Am I entitled to a report of the outcome of the creditors meeting? ANSWER - A full chairmans report should be written reporting on the f&f outcome and be available to you
Is there any danger in submitting a F&F offer? ANSWER - None that I can see or am aware off
Finally, my wife, who is NOT in the IVA, is the one stumping up the cash from a private account of hers. The money was a gift to her from her family that she was given recently (in year 3 of the IVA). Is this OK? ANSWER - I would ensure it is written down in the proposal that this money is only be offered to you on the understanding it concludes your iva and should it not be approved then you will not have access to it.
Hope this helps and good luck
Last edited by luluj on Thu Sep 22, 2016 9:55 am, edited 1 time in total.
Sharing from experiences of dealing with debt
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Further to Luluj's advice I would add that inherent dangers in submitting a F&F offer are dependent upon who you are with, but can be mitigated. Payplan, for instance, always insert a clause inviting bankruptcy proceedings to be considered if the variation is rejected. This is tantamount to poking a sleeping bear with a sharp stick and MUST be removed! Tell them to do so and they will.
For the avoidance of doubt I would word the offer to the effect that, if rejected, the IVA will continue as originally agreed. It is safer than leaving it implied.
And, as Luluj says, include wording to the effect that the money is from a third party for the purposes of a F&F only., If rejected the donor will keep the money and it will not be available to the IVA.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
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