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[Foggy]

Usually, if a F&F is refused, the IVA is allowed to continue on it's merry way, as before. However, if the terms of the offer are such that you say, or imply, that you are making the f&F because you cannot afford to continue the agreed repayments then the natural progression, if the offer is refused, is for the IVA to fail on the grounds that you cannot make the payments.

I would be inclined to speak to the IP, before signing the variation proposal, and ask that a clause be built in to the offer along the lines of "Should this offer be rejected by creditors, then the IVA will continue under the already agreed, pre-variation proposal, terms."

Also ask her line of thinking in making that comment --- it could be that the existence of your property as an asset, albeit excluded, could tip creditors into refusing and asking for BR. However unlikely, it is her duty to warn you of the possibility and none of us here are able to give qualified advice.

[DapplesES]

I emailed my IVA practitioners as I made no implication that I could not continue to pay my IVA. In fact in my initial email regarding f&f payment I stipulated that if it failed then the money would be withdrawn and the IVA would continue as before.
This is the clause in the variation documents;

Should this variation be rejected, it is likely that the Supervisor will have no alternative but to terminate the IVA which will leave all parties in a worse position. There is a clear financial benefit to creditors in considering and approving this variation.

The amount the creditors would get from the f&f payment would be £400 or £300 (if I make July's payment before due date) short of the £7200 that the IVA would have given in total in another 5.5 yrs!

[Foggy]

From that wording I suspect that she is trying to add some leverage and encourage them to accept. The word "likely" gives her room to carry on the IVA if the offer is refused, whilst emphasising the wisdom of creditors accepting the offer.

[DapplesES]

That's exactly it Foggy!!
I emailed my IP and I was told not to worry it's only there to encourage acceptance by the creditors. I was also told that if the offer failed then my IVA would continue as before.
Further to my other question regarding. Tax returns, my IP have said they would look at the figures of my liabilities but as my IVA variation meeting is in 4 weeks and my IVA could be concluded a few weeks later then it probably won't be a concern. Any rebate I get back will only co-inside with one month of my IVA anyway as my IVA didn't start until Dec 2021 and the tax period is from jan-dec in Spain.

[DapplesES]

I have my meeting on Wednesday to see if the full and final offer will be excepted, but the wait is killing me! I'm so scared about the outcome!! I really don't know if I will be able to keep going with my IVA if it's not accepted

[Breezy]

I have my meeting on Wednesday to see if the full and final offer will be excepted, but the wait is killing me! I'm so scared about the outcome!! I really don't know if I will be able to keep going with my IVA if it's not accepted

Best of Luck !

[kallis3]

Good luck from me as well.

[DapplesES]

Thank you both for your support!

[kallis3]

You are welcome - let us knw how it goes.

[DapplesES]

My variation meeting should have taken place yesterday but apparently the creditors had a query regarding the variation. It was answered by my IVA company and the meeting was rescheduled for today if the creditors got back to them today! I found this out after emailing my company yesterday afternoon and this morning. I still haven't heard anything else today! The wait is killing me! Is it usual for this kind of delays?
Also today should have been my monthly payment but I've withheld it just because I didn't want to make another payment if the f&f offer was accepted!

[kallis3]

I would email first thing in the morning and keep pestering them. This is not fair on you and they should at least keep you in the loop.

[DapplesES]

Thanks Kallis I will do. I just can't think of what could have caused the problem. I keep changing from being positive to thinking negative. It's very stressful.

[kallis3]

I really feel for you and hope you hear something soon.

[DapplesES]

I've finally been given the great news that my f&f offer has been accepted!! It's been a stressful few days as my meeting had been arranged for 27/7 which incidentally was my birthday. So I guess this is a belated birthday present.
They called a few minutes ago after yet another email from me. So now I just have to wait for one of my creditors to inform the IP of their portion of the funds they expect to receive. They indicated a couple of weeks to close the IVA and up to 3 months to issue my certificate.
They didn't expect too much delay as they are only waiting for one creditor to get back to them! I am so relieved.

[Breezy]

Great news ! Congratulations and a belated Happy Birthday !!