Hi, I wondered if I could ask for some advice please? I don't know if this is right?..
(sorry for the long question but I dont feel this is right!!)
I have got the opportunity of going self employed (with a franchise) which is fantastic for my career and its something i have always wanted to do and finally can but they advised that I cant proceed until I clear my IVA..
A family member has offered me a lump sum (which is about 60% of my IVA debt) to help clear the IVA to allow me to proceed but on speaking my IVA consultant it seems rather complicated to in order to do this..
1. I need to provide a letter stating the amount and reasons as to why I wish to put forward a full and final offer.
2. I will be required to complete and return an income and expenditure form, along with a copy of my latest months wage slip, bank statement evidencing all utility bills and a copy of your latest P60. (even though I did this 3 months ago!!)
3. My family member is required to provide a letter stating how much they wish to put forward in full and final, a copy of the bank statement where the funds are being held, a copy of their driving licence/passport and a utility bill.
4. They will then assess my income and expenditure and forward my requests on to the Supervisor.
5. If the Supervisor gives the go ahead, my family member will then need to pay the monies into a holding account that does not earn any interest.
6. Once the meeting has been booked my creditors will have 28 days to vote for or against the offer.
7. I will then be contacted on the 28th day to let me know the outcome.
8. If creditors accept my offer the monies will be transferred across into my IVA estate and will be distributed to creditors accordingly upon completion of the PPI investigation which i have been advised could take up to 1 year to complete
9. My arrangement will be set to pending completion until the PPI investigation has been completed and monies have been distributed to your creditors.
I think (could be wrong) the approach varies from IP to IP and also depends on how much is being offered as a F&F offer.
I am somewhere in the F&F process at the moment, having already provided a letter from myself and a letter from my family member confirming the offer. That was provided to my IP three weeks ago, and the next day the offer was given the go ahead by the Supervisor, but since then I have heard nothing from my IP, which has bemused me as I thought I'd probably have to sign some other documents etc. prior to my IP asking my creditors for a meeting 28 days in advance. As yet my IP hasn't mentioned anything about a bank account where the settlement funds are being held etc.
Indeed I've just emailed my IP asking for an update as I am a little concerned that my creditors might not yet have been approached, especially as my offer is based on my normal monthly payments continuing up to and including 28th October, which leads me to wonder whether there is no inclination for my IP to push this until next month, when I am keen to settle ASAP.
