My first payment

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Kim270688
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by Kim270688 » Fri Mar 16, 2018 11:09 am
Hi everyone, I found out my meeting of creditors is on the 22nd of March and my first payment is due to be paid on the 1st April. my creditors have 17 days to make their decision so if the have not decided before the 1st of April will the payment still be taken?

Thanks, kim
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Foggy
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by Foggy » Fri Mar 16, 2018 11:26 am
Kim270688 wrote:
Hi everyone, I found out my meeting of creditors is on the 22nd of March and my first payment is due to be paid on the 1st April. my creditors have 17 days to make their decision so if the have not decided before the 1st of April will the payment still be taken?

Thanks, kim


It should not --- however, in the majority of cases the matter is decided at the meeting --- in the normal course of events the 17th day is the meeting date --- however, on occasion meetings are adjourned,
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kallis3
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by kallis3 » Fri Mar 16, 2018 12:25 pm
Agree - nothing should be taken before your IVA is approved.

I'm sure you will fine - which company are you with?
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Lisa Thomas
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by Lisa Thomas » Tue Mar 20, 2018 10:08 am
If the meeting is adjourned then the first payment should also be adjourned (depending on the wording of your terms)

They usually say something like 28 days after the commencement of the IVA. So if it is adjourned it will not commence until later, and the first payment should not apply until later.

Also consider why you have not asked your Nominee this question as they should have been able to explain it to you.
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