Full and final.

Jimmerp85

Hi I posted a full and final to my Iva company which they received Tuesday. I’m not expecting it to happen over night but how long do these things take to finalise ?

mwarby

I'd think at least a couple of weeks, maybe a month. The request will have to be seen by the IP, the IP will need to prepare a proposal to all creditors. All the creditors will need time to examine and vote on the proposal.

PrettyKittyKat

It will depend on company to company but I would estimate around 3 months overall.

Probably about 4-6 weeks for them to create the full and final variation report. Around 1-2 weeks for you to received it, agree to it, and send it back. Then once your signed acceptance is received back the meeting is set for 28 days time. Sometimes the report may be drafted alot quicker if say your annual report is due - but this totally depends on your IVA company and their workload.

Jimmerp85

Wow wasn’t expecting that long. That’s right in my annual review time. Could this delay it even further ?

PrettyKittyKat

No it shouldn't delay it, if anything it will encourage them to do it sooner as they can replace an annual report with a variation report. Saves them doing an annual report then a few days/weeks (they have up to day 60 after it is due) issue a variation report.