Hubby put in an offer for F&F on his IVA. They have replied by email but we don't really understand the time frame that have stated. I have posted below what they have said. Is anyone able to clarify how long this is all likely to take please?
''A request has been sent to our variations team to offer a sum of £6,500 in full & final settlement of your arrangement.
Please note that we are required to give creditors a minimum of 28 days notice once the proposal has been drafted.
However, our compliance policy allows for internal processing which will currently extend this period by 6 weeks.''
Normally it only takes a couple of weeks to draft and then 28 days notice -- but, for some reason ( maybe an excuse for being under staffed ) the IP seems to want to add 6 weeks to this.
Check your paperwork, some proposals have a time scale built in for variations, usually 21 or 28 days to draft, then the notice period.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
Agree with Foggy - it will depend upon your IP but hopefully it will be sorted soon.
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
Sounds like a fudge to me and Foggy is right. The IP may just have a backlog but tell them you want the variation called in line with the terms and conditions of your IVA agreement. In addition insist that any payment from now made to the IVA is deducted from the £6,500 as you should not be penalised because they are slow.
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
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
