Variations

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loopylass81

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Post by loopylass81 » Sun Mar 02, 2008 11:31 am
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Having finally got all the paperwork the IVA company I use needed(only taken 16months! but thats another story) my variation went to the credits last week. How long will it take for it to be declined or approved by the creditors? What is the process for the variation?
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MelanieGiles

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Post by MelanieGiles » Sun Mar 02, 2008 11:59 am
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Hi loopylass and welcome to the forum

Your IP should give at least 17 days notice to creditors of a meeting, and often this is extended to 28 days due to creditors specific requirements. At the meeting creditors decide whether to accept your revised offer, and your IP ought to advise you of the outcome that day.
Regards, Melanie Giles, Insolvency Practitioner
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