EARLY SETTLEMENT

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RichyBee

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Post by RichyBee » Sat Sep 18, 2010 6:21 pm
Hiya. Just wondering how long it takes for an IVA early settlement offer to be processed after accetance by creditors? If not all of the creditors agree will it take longer to receive certificate of completion. I ask as I hope it will all be sorted before my wedding, so it will be off my mind, a fresh start. I've read some reviews on here about it dragging on for ages and ages. Also if my proposal is accepted, but before i get certificate if I 'won the lottery' would I still have to hand this over to my creditors or as it's been accepted could I keep it? I know this is very unlikely I just wanna know all the facts incase a miricle happens. Thanks guys. [8D]
 
 

kallis3

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Post by kallis3 » Sat Sep 18, 2010 7:37 pm
Once the offer has been accepted then it shouldn't take too long.

A full and final follows the same pattern as a normal creditors meeting. You will need to have 75% by value of the creditors that vote on the day to agree as far as I am aware.

I also think that if you won the lottery in the meantime then you would have to hand over sufficient to pay off your creditors in full or the whole amount. Depends on how much it is.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley.
http://kallis3.blogs.iva.co.uk
 
 

Adam Davies

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Post by Adam Davies » Sun Sep 19, 2010 4:12 pm
Hi
Until your IP concludes your IVA and informs the Insolvency Services that your IVA is completed your windfall would count towards your IVA. Once concluded any windfall etc would be yours to keep
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Andam Davies
 
 

kallis3

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Post by kallis3 » Sun Sep 19, 2010 4:15 pm
Thanks Andy, that's what I thought.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley.
http://kallis3.blogs.iva.co.uk
 
 

plasticdaft

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Post by plasticdaft » Mon Sep 20, 2010 11:42 am
So,if you were to win the lottery but not claim your winnings until the iva had concluded who would take action to reclaim the monies? Highly unlikely scenario but though I'd ask.

Paul(havent even won a tenner for months now!!)
Discharged today the 8th feb 2012. View is much brighter now.
Continuing to rebuild our credit worthiness.
 
 

Michael Peoples

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Post by Michael Peoples » Mon Sep 20, 2010 1:12 pm
Windfalls must be notified to the IP once you 'become aware' so hanging on to the ticket would not suffice. However, if you did have a variation approved as 'full and final settlement', I am not sure creditors could pursue a post variation windfall. It could be argued that acceptance of the variation effectively excludes everything else so windfalls would be untouchable.

It has never happened here[ or no one has ever admitted it]so it would be interesting to see what others think.
Michael Peoples | McCambridge Duffy Insolvency Practitioners
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If you would like to talk to me about proposing an IVA or have any questions at all please visit www.mccambridgeduffy.com
 
 

MelanieGiles

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Post by MelanieGiles » Mon Sep 20, 2010 9:35 pm
If your IP has put forward an offer of full and final settlement, and has received the money from you in advance of the creditors meeting, there really is no reason why the case cannot be closed in the four days following the meeting which allow for the Chairman's Report to be filed.

I would always try and do this - as there is no point in IPs having cases hanging around their office either.
Regards, Melanie Giles, Insolvency Practitioner
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