Draft proposal

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mumof3
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by mumof3 » Mon Jan 08, 2018 10:54 am
What is the average length of time you have to wait for a draft proposal after submitting all paperwork? Also once signed and sent back is it normally quite a fast procedure to find out if your IVA has been accepted?

Thank you
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Foggy
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by Foggy » Mon Jan 08, 2018 11:02 am
The whole process normally takes about 6 - 8 weeks from start to finish. You get the draft proposal to sign within about 3 weeks and they have to give creditors a few weeks notice. Much will, of course, depend on how fast you are at getting paperwork back when asked for it as well as the work load at your chosen firm.
mumof3
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by mumof3 » Mon Jan 08, 2018 11:52 am
Foggy wrote:
The whole process normally takes about 6 - 8 weeks from start to finish. You get the draft proposal to sign within about 3 weeks and they have to give creditors a few weeks notice. Much will, of course, depend on how fast you are at getting paperwork back when asked for it as well as the work load at your chosen firm.


Thank you. We got all the paperwork to them last Thursday and they are putting the proposal together. We have informed all creditors that we are seeking debt advice and they have put accounts on hold for 30 days. I’m assuming we will have to contact them again after this 30 days if we are no further forward with the IVA?
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Foggy
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by Foggy » Mon Jan 08, 2018 12:09 pm
Yes, I am afraid we all have to field those calls ... some creditors are more sympathetic than others, but it will all settle down once the IVA is underway.
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Lisa Thomas
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by Lisa Thomas » Tue Jan 09, 2018 12:22 pm
There should be about a week or two turnaround from you sending the Nominee all your paperwork and them sending you an initial draft for approval.

Once agreed and signed off they have to give a minimum of 14 days notice to creditors of the meeting to vote on the proposals.
mumof3
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by mumof3 » Fri Jan 12, 2018 11:51 am
Lisa Thomas wrote:
There should be about a week or two turnaround from you sending the Nominee all your paperwork and them sending you an initial draft for approval.

Once agreed and signed off they have to give a minimum of 14 days notice to creditors of the meeting to vote on the proposals.


Just a waiting game at the moment then. We had everything to them on the 2nd of January so hopefully not much longer.
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kallis3
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by kallis3 » Fri Jan 12, 2018 1:23 pm
Fingers crossed!
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Lisa Thomas
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by Lisa Thomas » Mon Jan 15, 2018 9:38 am
Your Nominee/IP should be able to give you timescales - you should chase them up if they haven't already told you this.
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