Hi
can someone advise when the first payment has to be made into an IVA from the date of the creditors meeting.
Our meeting will probably be in about 4 weeks. If by a miracle it is approved when would the first payment go into it and what is the process after the creditirs meeting.
Did not ask all these questions to our IP as do not want to build my hopes up.
Thanks
I think its due within 28 days of your creditors meeting.
This may vary between companies as I paid the first payment before my creditors meeting to show my commitment, but I know this varies as I say.
The best person to ask is your own IP, please don't worry about asking them questions.
Also I don't think they would waste their own time draughting a proposal for you if it had no chance of success.
Have they given yo question to believe it may not be approved or is this you worrying??
Good luck
Be positive & look after yourself, there are more important things in life than debts....
Your IP is really the only one who can answer that properly for you. In my own firm we ask for the first payment to be made at the time of signing the proposals, but other firms will no doubt have differing policies. We make sure that our clients are aware of that right at the outset, so that they can budget appropriately, and I am therefore suprised that your own IP has not yet discussed the timing of payments with you. A quick call would sort this out, and then you can start saving your pennies!
Hello Emma
i am just a terrible worrier.
I keep thinking it would be better for them to Bankcrupt us as we have equity in our House.
Just not sure how these banks work. Whether they think Bankcrupt them now and get the equity or wait.
By the way, love your Avator.
Try not to worry as your IP wouldnt be running with this if it was a lost cause. Remember there is an answer to every problem. (might not be the one we want to hear, always) but try not to stress yourself out too much. You will get through it all one way or another hunny.
hi karen...we were asked to send a ch for first payment to "show willing" in time for the creditors meeting...which we did and then it was monthly thereafter....
hope all goes well
IVA completed 11th Dec 2009 due to a Full and Final with the fantastic help of Michael Peoples and
Mc Cambridge Duffy
We have no cheque book or debit card, and so had to sort out a standing order once our IVA had been approved. We had no problem.
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
Hi karenanne23,
I am with Grant Thornton and had my IVA approved on 29th Sept and I pay my first payment on the 29th October. I hope your application is approved and will keep my fingers crossed for you.
Good Luck
