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  • FIRST POST
    • dsmithy81
    • By dsmithy81 20th Mar 17, 11:26 PM
    • 8Posts
    • 0Thanks
    dsmithy81
    F&F offer with Payplan 6 months!?
    • #1
    • 20th Mar 17, 11:26 PM
    F&F offer with Payplan 6 months!? 20th Mar 17 at 11:26 PM
    No longer relevant
    Last edited by dsmithy81; 04-05-2017 at 9:09 PM. Reason: No longer relevant
Page 1
    • DorisTrousers
    • By DorisTrousers 21st Mar 17, 10:57 AM
    • 492 Posts
    • 286 Thanks
    DorisTrousers
    • #2
    • 21st Mar 17, 10:57 AM
    • #2
    • 21st Mar 17, 10:57 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, 1:09 PM
    • #3
    • 21st Mar 17, 1:09 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
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