www.iva.co.uk

Hi everyone

I am in the process of finalising my F&F IVA and so far I thought that once the payment is made then the whole thing is over. T o my surprise i have just received the terms of the agreement to sign and it does state that the term spand for 12 months where you have to notify the receiver of any lump sums you may receive and that u not allowed credit plus they can come after you anytime in that 12 months if they feel you got some money or something ( not that im planning to get credit or receiving money or hiding anything ) but i just thought once the payment is made then you are completely free !!!!!

My dad is lending me the money so i have to pay him back and i don't want to find myself in a tricky situation where i have to payback everyone.

So before signing the agreement i thought i might check with you guys to see if this is normal procedure so any help from the people who already went through it would be highly appreciated.

many thanks

Hi and welcome to the forum.

I've not heard of those terms and conditions before. As far as I am concerned, once the F&F is paid then you are finished.

It maybe that they are saying that any lump sums due before you get your completion letter will be payable across but I've never heard of it being extended for another year.

Which company are you with?

Hopefully one of the experts will be along to advise.

i am with payplan.

These terms and conditions are quite normal - even for full and final settlement based IVAs. It may take some time for your IP to actually agree claims, during which time you will be subject to the usual terms and conditions - just the same as you would under bankruptcy proceedings until you were discharged.

A big inventive for all parties to get the case closed as quickly as possible.