www.iva.co.uk

Hi,

I put in a full and final offer to my IVA company on March 8th. I’ve had to chase them and chase them for replies — I think they’re allergic to the Reply button.

I phoned them earlier this week and discovered that they haven’t even set a date yet for the creditors’ meeting. When I said that I was disappointed that they haven’t done anything yet they said that wasn’t true, and that they’ve put the offer in their system ready to be seen by someone. (So, 5-6 weeks after making the offer what they’ve done is: put it on a to-do list.)

In your experience, how long does this part of the process usually take? I know it should be about a month once the date is set, but how long to get to that stage?

They should be able to present the offer to creditors for consideration, and then give notice of a meeting, within 21 days of receiving everything they need from you.
Have they requested donors ID and statements ?

Thanks, Foggy.

Yes, tomorrow will be 21 days since they received them.

When I spoke to them earlier this week they said they couldn’t give me a timescale as to when things will progress. It’s all very frustrating.

So, after speaking with a different person at the IVA firm, it looks like the offer has been sent off to the creditors, after all.

My understanding was that:
1) I make the offer
2) A date for a variation meeting is set
3) The offer is considered at/before the variation meeting
4) We get a yay or nay.

I'm now told that it's actually:
1) I make the offer
2) The offer is sent to the creditors
3) The creditors make their individual decisions and inform the IVA firm (though no timescale set for this)
4) If the offer is agreed, then the variation meeting is set, and the funds are distributed through that meeting. ie. The variation meeting is only called if the offer has been accepted.

We're apparently at stage 2. The offer was (apparently) sent to the creditors 3 weeks ago. None have yet replied, but the IVA firm tell me that it generally takes them 3-6 weeks to get the responses in.

Does this sound right to people?

That doesn't accord with any of my understanding of the process.

The offer is a proposal to vary the agreement, which is considered at a variation meeting and, at that meeting, either agreed or rejected. As per your understanding. This latest 'advisor' you have spoken with is talking out of their backside !

Might I ask who you are with ?

It’s Debt Movement / Jarvis. A company that appears to be allergic to the Reply button in their email software.

An update:

I checked with Debt Movement this morning about their process and they’ve told me:

[The agent] was slightly misinformed and there seems to have been a breakdown in communication.
With regards to the three weeks, your case was added to the variation queue three weeks ago.
The agent you spoke with will receive coaching on the variations process, so we do apologize for the miscommunication and incorrect information that was provided.
Your case is currently in the Variation queue, we will contact you with any update on the case going forward.
Please be advised that the variation process can take up to 3 months.

“Slightly misinformed.”

Telling me that the creditors had been sent the offer three weeks ago when the case hasn’t even been reviewed yet isn’t slightly misinformed, it’s a major error, and bares no relation to the actual process. The case is still sitting in a central To-Do list.

I would be inclined to raise a formal complaint with the firm which you can then escalate to their regulatory body via the Government Gateway. See https://www.gov.uk/complain-about-insol ... actitioner