Your browser isn't supported
It looks like you're using an old web browser. To get the most out of the site and to ensure guides display correctly, we suggest upgrading your browser now. Download the latest:

Welcome to the MSE Forums

We're home to a fantastic community of MoneySavers but anyone can post. Please exercise caution & report spam, illegal, offensive or libellous posts/messages: click "report" or email forumteam@.

Search
  • FIRST POST
    • dsmithy81
    • By dsmithy81 20th Mar 17, 10:26 PM
    • 2Posts
    • 0Thanks
    dsmithy81
    F&F offer with Payplan 6 months!?
    • #1
    • 20th Mar 17, 10:26 PM
    F&F offer with Payplan 6 months!? 20th Mar 17 at 10:26 PM
    Hi,

    Just a little background, my IVA has been going for 42 months (18 months to go) however due to my family moving abroad and me having no choice but to go aswell, my employment in this country will have to come to an end at the end of June.

    My parents have offered a reasonable F+F payment before we go to try and settle the remainder, however Payplan have told me it could take 4-6 months to get an outcome from the creditors. This seems an extremely long time an will make things a lot harder to try and resolve considering i'll be on the other side of the world!

    Is this the normal timeframe or are they dragging it out for some reason? and is there anything I can do to try and speed up the process?

    thanks in advance
Page 1
    • DorisTrousers
    • By DorisTrousers 21st Mar 17, 9:57 AM
    • 463 Posts
    • 270 Thanks
    DorisTrousers
    • #2
    • 21st Mar 17, 9:57 AM
    • #2
    • 21st Mar 17, 9:57 AM
    It may be that something has got lost in translation here, that is what I would guess anyway.

    A variation meeting of this type should take no more than around 3 weeks to arrange, 1 week to get an offer in writing and funds lodged on account in case of acceptance, and two weeks notice of such a meeting so that creditors can consider it.

    Assuming they accept, and they normally do, then the deal is legally binding. The extra time quoted may well just be an estimate of how long it may take PP to tie up the loose ends, get all claims in etc.

    Double check with your IP.
  • National Debtline
    • #3
    • 21st Mar 17, 12:09 PM
    • #3
    • 21st Mar 17, 12:09 PM
    Hi dsmithy81 and welcome to MSE,


    I agree that you should try and clarify things with your IP before anything else as it is possible the situation has been misunderstood. You may also want to check the terms and conditions of the IVA to see if it references any time frames in that.


    Remember that the IP is not obligated to accept this change and if the IP or creditors reject the offer then you must maintain the original IVA payments to prevent it failing. If it fails there is a risk of bankruptcy which can affect your assets and potentially a visa (depending on where you move to). Are you a homeowner? How are you going to fund the move? It is possible your IP will want to clarify these details as you may be using money they can claim under the windfall clause of the IVA.


    Laura
    @natdebtline
    We work as money advisers for National Debtline and have specific permission from MSE to post to try to help those in debt. Read more information on National Debtline in MSE's Debt Problems: What to do and where to get help guide. If you find you're struggling with debt and need further help try our online advice tool My Money Steps
    • dsmithy81
    • By dsmithy81 21st Mar 17, 6:57 PM
    • 2 Posts
    • 0 Thanks
    dsmithy81
    • #4
    • 21st Mar 17, 6:57 PM
    • #4
    • 21st Mar 17, 6:57 PM
    Thankyou both for the reply's, I've had a quick look through my IVA paperwork and can't seem to see any timescales in regards to a variation meeting. I'll double check tomorrow to make sure there's been no misunderstandings.

    With regards to the move I have no assets only what i'll be earning before I go in June. It'll be my parents that are paying for my flight, visa isn't an issue as i'm a citizen and it's extremely unlikely that i'll even be returning to the uk as all my family will be over there. I just wanted to try and get it sorted before I leave.

    Thankyou
Welcome to our new Forum!

Our aim is to save you money quickly and easily. We hope you like it!

Forum Team Contact us

Live Stats

1,861Posts Today

8,035Users online

Martin's Twitter