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Jessicamj
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by Jessicamj » Wed Nov 29, 2017 5:02 pm
I had my iva proposal through today. I have not signed it yet.
When will i be bound by the terms? Once i sign and sent back or once the proposal is accepted by creditors

E.g if i came into money over £500, would i need to declare this as ive signed the iva or not declare yet as the iva has not been proposed to creditors yet.
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Foggy
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by Foggy » Wed Nov 29, 2017 5:07 pm
You are not bound by the IVA until the creditors accept it at the meeting and you then agree to any changes. Now -- if you get a few hundred on a lottery card win before then you can pop it under the mattress for emergencies -- if you won a couple of thousand this would be a declarable asset going into the IVA and the creditors might well ask for it.
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MerlinL14
Posts: 1168
by MerlinL14 » Wed Nov 29, 2017 6:22 pm
As Foggy says, not until the creditors agree is it binding. Your signature is you agreeing with how the IP will present it to the creditors.
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