F&F payment..

Mj1981

We have finally sorted out the full and final settlement figure and details of our IVA (thankyou to those who responded on my last post)

However our IP has requested that the settlement figure is put into their holding account before the 'meeting' is arranged with the creditors so that they complete quickly (if accepted) and they can give a guarantee to the creditors that the money is there, should the offer not be accepted then the money would be transferred back...

is this common practice? I didn't think any money exchanged hands until the F&F was accepted? and tbh am a bit wary about my mom handing over that amount of cash before there has been acceptance of the offer

Thanks
MJ

Claree__x

It's possible that creditors have seen it all before and been told there is money and then it's fallen through - so for the IP to have the money "in hand" makes the offer more attractive.

If you can get it in writing that if the offer is rejected that you'll get your money straight back then I don't see the problem

cheesedoffwithdebt

agree- it's nothing sinister- the creditors just need to "see" the money- and the IP needs to be able to settle fast if they accept-I think worry not you are so close to freeing yourself just jump:cool2: