Hi All,
Currently in the final year of my IVA and have been discussing with my supervisor making a F&F payment, for the full outstanding amount (around £7,000). I have a baby arriving this year and want the IVA behind me before they arrive.
They have said that I will need to show proof of funds and a letter from the person offering. They have then said that before the creditor's meeting, I would need to pay the funds into the IVA. If they creditors agree, they keep the payment and all is complete, of they dont agree, the funds will be returned.
Is this normal? It's a lot of money to pay over in good faith. Are there any typical contracts we could put in place to protect ourselves?
Would appreciate any advice, or experience from others who have been through this.
Some ask for the payment up front, most don't and if it is not available immediately there should be no issue with it being paid within 28 days of acceptance.
Who are you with ?
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
I personally had to pay within 28 days of the F&F being agreed but as foggy says some request it up front.
I would certainly seek the agreement to refund in writing before handing it over.
Sharing from experiences of dealing with debt
There is a solution for everyone .... Just need to stay positive !
Thanks guys, I'm with Abacus (cleardebt). Just want to make sure the money is protected if I pay it over. Never sure I get the best advice or information from them, so I appreciate your comments.
Your money will be fine and I can understand why Cleardebt would like it paid in time for the meeting. It protects everyone and in the unlikely event of rejection you get the money back. It cannot always be introduced in advance so a letter from the person providing the funds would suffice.
