Can IP take as long as they want to put forward offer to creditors

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steve1505

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Post by steve1505 » Sun Oct 14, 2018 10:59 pm
My son is about 3 years into an IVA and thus has another 2 + 1 years left until completion. A large sum of money has recently been made available to me and so I decided to make some of this available as a lump sum to be put forward as full and final settlement. My son put this forward to Payplan some 2 months ago, At the time they were not prepared to do anything because his annual review was due a month later and they insisted that this was carried out first. After the review my son was told that the offer could go forward to the IP. Jump another month and he has now received the following, 'Your file has been passed over to ourselves, the Variation team, whereby we conduct checks on your file and prepare your paperwork for your second meeting. We allow approximately three months for the preparations and for the meeting to take place, as we have to allow your creditors 28 days to vote'. Surely this can't be right? Can Payplan really just draw this out for as long as they want, or is there a timeline set out in the legislation that they must follow?

Foggy

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Post by Foggy » Mon Oct 15, 2018 7:00 am
I am afraid that Payplan march to their own drum and consider themselves pretty much fireproof ! Most firms will take 2 - 3 months and their initial delays due to impending reviews are of their own making. Unfortunately creditors put much weight on the IPs recommendations and to ruffle feathers now could be counterproductive.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
http://foggy.blogs.iva.co.uk

Lisa Thomas

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Post by Lisa Thomas » Mon Oct 15, 2018 8:46 am
Check the variation terms and conditions.

Usually the IP has 21 days to call the meeting of creditors, giving at least 14 days notice so your son should get his answer within about 5 weeks form when he gave them all the info they needed to call the meeting...

A gentle reminder of the T&Cs to the IP might be in order here..
I'm a licensed IP with 16+ yrs at Neville & Co covering the South West area. I have a YouTube channel with advisory videos on here: https://www.youtube.com/channel/UCMPTTu ... Z5k9ZcC2MA http://www.nevilleco.co.uk 01752 786800 Lisa@nevilleco.co.uk

steve1505

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Post by steve1505 » Mon Oct 15, 2018 7:09 pm
Many thanks
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