I am in month 48 of my IVA with Payplan. My contract for work ended at the end of June and I am currently unemployed.
I phoned Payplan and have verbally stated I want to proceed with a F&F from my mother. My mum has also written to Payplan to inform of her offer to close on my behalf. I have £4,600 outstanding and my mum wishes to offer £4,000.
Could someone advise on the process and the timescales I can expect for each element pls?
Payplan have informed me it will take two weeks for the IP to decide if the offer is worthwhile. If it is worthwhile where does it go from here?
Thanks in anticipation x
Usually the process is that the IP will draft a variation within 21 days, which then goes to creditors with a 28 day period of notice for the meeting to be held. So the process usually takes around 2 months, sometimes three. Payplan, in recent times, seem to be taking up to 6 months.
DaphneDebt wrote:Thanks for replying Foggy.
That timescale is ridiculous! I'm currently waiting to hear if they think I have an offer worth pursuing, do you think I should submit my letter of intent without this internal permission?
Feeling very frustrated
Only your IP can put forward any offer to your creditors. One, slender, straw of hope to cling to is that we generally hear only the bad news on the forum. Your proposal might get through faster than of late.
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