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Posted: Sat Aug 30, 2014 9:02 pm
by Mark_H2
Hi, I just wanted some thoughts on this. I have received my proposal and I noticed that they are saying I should make the first payment before the creditors meeting. Is this standard practise ? seems quite strange to make a payment before the IVA is approved ????
What's your experience and thoughts ?
Posted: Sat Aug 30, 2014 9:30 pm
by Foggy
Many IP's like to have that first payment in hand, so on acceptance the ball has already started rolling. However, they will also accept payment shortly after the meeting, but certainly within 28 days.
Posted: Sat Aug 30, 2014 9:34 pm
by Mark_H2
Hi Foggy,
Thanks for the quick reply and clarification....
Posted: Sun Aug 31, 2014 1:55 am
by Michael Peoples
In the unlikely event that the IVA is rejected you should get your money back. Also as Foggy says if you cannot make this payment in advance the meeting of creditors will not be held up.
Posted: Sun Aug 31, 2014 9:00 am
by Mark_H2
Ok, thanks. I have provided my account details but I will double check on Monday