Hi, I've been in an IVA for coming up to 4 years, I have 1 year left. Back in the Middle of March this year I contacted PayPlan with a Full & Final offer letter, I offered a tiny bit more than what my remaining payment would add up to. A family member had offered to pay it, they also sent a letter confirming this. I've already paid around 55% off my total debt thanks to some overtime and mainly due to some PPI payments. So I expect or hope my offer to be accepted. I'm just wondering what the timescale is for Full & Final settlements? Pay Plan have been good but contact is slow!! So the both letters were received by Pay Plan around 7-8 weeks ago and still no creditors meeting arranged! Is it always this slow? Is there a timescale they need to stick to?
I've chased up a few times and the latest reply was saying "The process for the meeting is ongoing. As of yet there is no confirmed time or date" 8 weeks seems a bit excessive!!
Also what is required from me? I've just submitted my most recent P60. What else is required? I have asked this question but it hasn't been answered. I'd like to get everything ready now to avoid any further holdups!
Hi yes there is a specific time scale - check your proposals and modifications and look for the section regarding variation meetings - they usually have either 21 or 28 days to call the meeting once they have all the information needed. Yours is therefore long overdue and should have been held by now.
I would make a written complaint and sent it via recorded delivery.
Hi. I agree with Lisa -- 8 weeks IS a little excessive! Check your paperwork and hold them to any timescale therein. Also consider the complaint process.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
Thanks for your replies, I sent my Full & Final offer letter on the 18th March, so it's 8 weeks today! They really have dragged it out. I used a template letter found on this site so it stated that any monthly payments would be deducted from the offer amount.
How would you suggest wording the complaint letter? In my IVA contract it states a creditors meeting should be called within 21 days of a request. Once the meeting is arranged do I then have to wait a further 28 days for the meeting?
Thanks
Last edited by jax123 on Fri May 13, 2016 11:33 am, edited 1 time in total.
Dear Sirs - I write further to my letter to you of xx which formed a full and final settlement offer to bring my IVA to an early end.
I understand you have received this and have not received any requests form you for further informaiton so trust you have everything you need.
According to my proposals terms I understand you are to call the variaiton meeting required within xx days of receiving my request yet I have not heard from you confirming that such a meeting has been called.
Please therefore consider this letter as a formal complaint. I look forward to receiving your response that the meeting has been called together with full details within 7 days failing which I will be taking my complaint further with the Government Gateway.
Thanks, they did ask for a letter from my family member confirming the offer which they confirmed they received on the 23rd March. After I chased them up, baring in mind in takes a week and reminder emails before I get a reply they confirmed they would keep my current income and expenditure. That was the 13th April. So Perhaps they have just taken ages to get everything ready, then once it is they will call the creditors meeting within 21 days. It's just the 8 weeks to get everything ready following my offer letter than seems to be excessive! If I understand correctly they can take along as they like to get everything ready to call the meeting? Is there not a limited time they have from when they received my offer letter? They have been pretty good but are slow!!!
No Jax they only have either 3 or 4 weeks to call the meeting once they have all the info, not 8 weeks. Creditors then have to be given at least 14 days notice of the meeting. So the meeting should have been physically held within either 5 or 6 weeks from when you gave them the necessary documents.
It is excessive but I had a similar problem with Payplan with mine. My first offer was rejected by the company so I put a higher offer in and it took a few weeks to get the correct proposal sorted. It was in June 2013 when the proposal was accepted in and in September 2013 when it was accepted.
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.
Bob Marley. http://kallis3.blogs.iva.co.uk
I've just called them and they said the supervisor took 2 weeks to even log my offer letter, the supervisor meeting has taken place and my proposal has now been passed to the variation team, they will then assess what is required. If they need anything they will let me know. It then goes to the accounts department to work out what will be paid to each creditor, once thats done it goes back to the variation team which then they will get everything together and send to me to ok and sign, once they have it back they will then book the creditors meeting. Advised another 2 months!!!!!
That is bosh, stuff and nonsense ! All they have to do is work out the revised dividend as pence in the pound. Talk about making a small thing so complicated ! And incredibly inept business practice to boot.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
IVA started March 2011, Completed March 2016 and certificate issued 11 days after final payment. It was not always easy but then some of the best decisions aren't.
That is total rubbish and I would be making a complaint!
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.
Bob Marley. http://kallis3.blogs.iva.co.uk
It seems ridiculous, they said on the phone it was standard practice and it takes a while because of the size of the company and the amount of cases they have to deal with.
I wonder if a complaint would speed things up? I'm trying to understand if the 21 days to call the meeting is from the point I made my offer or from when they have prepared everything? How shall I word the complaint letter, am I complaining that it should have been done within 21 days and they had those 21 days to prepare everything?
