Lump sum offer withdrawn - now in breach?

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lloyd434

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Post by lloyd434 » Thu Sep 12, 2019 6:47 am
Hi,

I offered to gift a lump sum to my partner to settle her IVA which was accepted. I placed a deadline on this offer which was not met. I am now not able to gift this money due to a change in my circumstances and her iva people are saying she is now in breach? Is this right?

Foggy

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Post by Foggy » Thu Sep 12, 2019 7:11 am
If the deadline was not mentioned in the offer -- yes, they can do this. What and when was this deadline placed ? Surely you would have known that it would not be met before the variation meeting took place and could have cancelled the meeting.

Hopefully another meeting can be convened to explain the circumstances and request that the arrangement proceeds as before ---- maybe the creditors will agree to carry on.
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

Foggy

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Post by Foggy » Thu Sep 12, 2019 7:36 am
Another thought has occurred...... the IP has a responsibility to ensure that funds are available before the meeting is called. Was this checked with you ? Was the deadline mentioned to the IP ? If they are partly responsible for this situation they should at least try to assist in sorting it out !
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

Shaun Vickery

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Post by Shaun Vickery » Thu Sep 12, 2019 9:49 am
Foggy I guess the reality is that funds WERE available..but they aren't now?
Highly Commended at the British Mortgage Awards. For individual mortgage advice go to http://clients.theselectpartnership.co.uk/

Foggy

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Post by Foggy » Thu Sep 12, 2019 10:29 am
Thu Sep 12, 2019 9:49 amShaun Vickery wrote:
Foggy I guess the reality is that funds WERE available..but they aren't now?
This is true, Shaun. But how it is handled would depend on if and how this deadline was presented to the IP / creditors in the first place. Hopefully the creditors can now be asked to carry on as before, rather than failing the arrangement.

As you say ... we can only guess.
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

Shaun Vickery

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Post by Shaun Vickery » Thu Sep 12, 2019 10:32 am
Yes, good point Foggy.
Highly Commended at the British Mortgage Awards. For individual mortgage advice go to http://clients.theselectpartnership.co.uk/
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