When will my payments start & can creditors refuse offer?

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mark150
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by mark150 » Thu Feb 08, 2018 8:15 am
How much time will it take from starting the iva to starting the payment plan if accepted, can the creditors refuse the offer.
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Foggy
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by Foggy » Thu Feb 08, 2018 9:15 am
mark150 wrote:
How much time will it take from starting the iva to starting the payment plan if accepted, can the creditors refuse the offer.


Some IPs hold the first payment up front, so payments staret the day the IVA is agreed -- many, though, will ask for the first payment to be made within 28 days of the meeting, so that you can choose a date best to tie in with dates your salary is paid in etc.

Yes, they can refuse or amend the offer ( you will be asked if you agree to any amendments), but your IP would not put the proposal forward if he / she thought that a refusal was likely.
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Lisa Thomas
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by Lisa Thomas » Thu Feb 08, 2018 10:15 am
creditors can accept, reject or propose modifications to your proposals.

You need 75% in value of creditors VOTING to accept, for the proposals to be accepted.

Standard terms are first payment within 28 days of start date.

Your chosen IP should be able to explain everything to you in detail.
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kallis3
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by kallis3 » Thu Feb 08, 2018 12:03 pm
Have you taken any advice at all?
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