2 months delay in settling f/f settlement

20 posts Page 1 of 2
 
 

IVA1963

User avatar
Posts: 2
Joined: Wed Jan 02, 2008 12:43 pm
Location:

Post by IVA1963 » Wed Jan 02, 2008 5:11 pm
We paid a lump sum of nearly £10,000 in full and final settlement of our IVA on 9th November by bank transfer to Clearstart. As of today (January 2nd - nearly 2 months!), they have still not sent any cheques to the creditors making various excuses. Can you please advise if there is any legal requirement for them to complete this process within a certain time frame? We have read that other individuals have had this settled within 2 weeks and we are intrigued as to who keeps all the interest on this sum.

Many thanks!
 
 

Lisa2009

User avatar
Posts: 5411
Joined: Thu Aug 16, 2007 12:17 pm
Location:

Post by Lisa2009 » Wed Jan 02, 2008 6:08 pm
It can take up to 3 months to finalise. Hubby in similar situation and his IP has given creditors 3 months to make a claim or be disallowed a dividend.
http://mrsskint.blogs.iva.co.uk/ 'Our Story'


Nil carborundum illegitimi
 
 

Adam Davies

User avatar
Posts: 14596
Joined: Thu Mar 29, 2007 12:21 pm
Location:

Post by Adam Davies » Wed Jan 02, 2008 8:08 pm
Hi
My IP quoted a three month deadline,not sure if that is a legal requirement but am sure that Melanie will shed light on it
Regards

Andy Davie
IVA.co.uk Spokesperson and Website Manager

About me:
http://www.iva.co.uk/andy_davie_profile.asp

IVA Helpline: 0800 197 4838
http://www.iva.co.uk/iva_helpline.asp
Andam Davies
 
 

MelanieGiles

User avatar
Industry Expert
Posts: 47612
Joined: Tue Jan 09, 2007 10:42 am
Location:

Post by MelanieGiles » Wed Jan 02, 2008 10:06 pm
There is no set timeline - personally I always like to be holding the money for the full and final settlement by the date of the meeting, so I can do a combined Chairman's and final report at the same time - you have to do the one, so you may as well do the other at the same time!

Common sense would indicate that it is in everyone's best interest to get cases closed as soon as possible - and this only should take 1/2 hour of a good IP's time to do.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

To have me propose an IVA for you, please visit:
http://www.melaniegiles.com/ivaEnquiry.asp

See customer feedback at:
http://www.iva.com/iva_companies/IVA_Advice_Bureau.asp
Regards, Melanie Giles, Insolvency Practitioner
 
 

Lisa2009

User avatar
Posts: 5411
Joined: Thu Aug 16, 2007 12:17 pm
Location:

Post by Lisa2009 » Wed Jan 02, 2008 10:21 pm
Following your comments Melanie, can i just as then is the 3 months to chase creditors for claims right? we always just assumed from comments on here that claims should have been chased long before.
I suppose we just hoped everything would be sorted faster after the rough time we had so far.
Still its good to know that this should be the end and hey....things are better already emotionally meaning we are better able to cope with sons problems with a clearer head and far less stress.

mrs skint
http://mrsskint.blogs.iva.co.uk/ 'Our Story'


Nil carborundum illegitimi
 
 

MelanieGiles

User avatar
Industry Expert
Posts: 47612
Joined: Tue Jan 09, 2007 10:42 am
Location:

Post by MelanieGiles » Wed Jan 02, 2008 10:39 pm
Creditor claims should all be agreed before IP's put forward full and final settlement offers - as how on earth can they guarantee the dividend which they are offering?

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

To have me propose an IVA for you, please visit:
http://www.melaniegiles.com/ivaEnquiry.asp

See customer feedback at:
http://www.iva.com/iva_companies/IVA_Advice_Bureau.asp
Regards, Melanie Giles, Insolvency Practitioner
 
 

Lisa2009

User avatar
Posts: 5411
Joined: Thu Aug 16, 2007 12:17 pm
Location:

Post by Lisa2009 » Wed Jan 02, 2008 10:44 pm
Well that was our thought. We emailed them and were told that the procedure now has them chase creditors for 3 months (3 creditors i believe) if they still dont make a claim, their share will be divided between the others giving them a higher return than anticipated (which of course we dont mind). It just seems now that the end perhaps isnt as close as we thought it would be.

mrs skint
http://mrsskint.blogs.iva.co.uk/ 'Our Story'


Nil carborundum illegitimi
 
 

MelanieGiles

User avatar
Industry Expert
Posts: 47612
Joined: Tue Jan 09, 2007 10:42 am
Location:

Post by MelanieGiles » Wed Jan 02, 2008 10:55 pm
So what if the creditor claims come in higher than they were anticipating - are they going to expect you to pay over more money?

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

To have me propose an IVA for you, please visit:
http://www.melaniegiles.com/ivaEnquiry.asp

See customer feedback at:
http://www.iva.com/iva_companies/IVA_Advice_Bureau.asp
Regards, Melanie Giles, Insolvency Practitioner
 
 

Lisa2009

User avatar
Posts: 5411
Joined: Thu Aug 16, 2007 12:17 pm
Location:

Post by Lisa2009 » Wed Jan 02, 2008 10:58 pm
Hadnt thought of that and i bet they havent either. Can they do that?

mrs skint
http://mrsskint.blogs.iva.co.uk/ 'Our Story'


Nil carborundum illegitimi
 
 

MelanieGiles

User avatar
Industry Expert
Posts: 47612
Joined: Tue Jan 09, 2007 10:42 am
Location:

Post by MelanieGiles » Wed Jan 02, 2008 11:04 pm
Depends upon whether they guaranteed to pay a dividend at a certain level or whether the full and final offer was merely based upon the payment of a lump of money. Check your variation report to see the wording of the resolutions passed.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

To have me propose an IVA for you, please visit:
http://www.melaniegiles.com/ivaEnquiry.asp

See customer feedback at:
http://www.iva.com/iva_companies/IVA_Advice_Bureau.asp
Regards, Melanie Giles, Insolvency Practitioner
 
 

Lisa2009

User avatar
Posts: 5411
Joined: Thu Aug 16, 2007 12:17 pm
Location:

Post by Lisa2009 » Wed Jan 02, 2008 11:24 pm
There is actually no mention in the report although it does say that there are outstanding claims of around 23,000 to our reckoning. It says nothing about if them claims come in higher
http://mrsskint.blogs.iva.co.uk/ 'Our Story'


Nil carborundum illegitimi
 
 

MelanieGiles

User avatar
Industry Expert
Posts: 47612
Joined: Tue Jan 09, 2007 10:42 am
Location:

Post by MelanieGiles » Wed Jan 02, 2008 11:25 pm
In which case I suggest that you press them to finalise as soon as possible for peace of mind.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

To have me propose an IVA for you, please visit:
http://www.melaniegiles.com/ivaEnquiry.asp

See customer feedback at:
http://www.iva.com/iva_companies/IVA_Advice_Bureau.asp
Regards, Melanie Giles, Insolvency Practitioner
 
 

Lisa2009

User avatar
Posts: 5411
Joined: Thu Aug 16, 2007 12:17 pm
Location:

Post by Lisa2009 » Wed Jan 02, 2008 11:35 pm
We have taken your advice Melanie and sent an email asking what would happen if claims came in higher. Also have asked for some closure and soon.

mrs skint
http://mrsskint.blogs.iva.co.uk/ 'Our Story'


Nil carborundum illegitimi
 
 

Lisa2009

User avatar
Posts: 5411
Joined: Thu Aug 16, 2007 12:17 pm
Location:

Post by Lisa2009 » Wed Jan 02, 2008 11:37 pm
Just to add, for information sake.....We actually got 100% of creditors voting to vote yes
http://mrsskint.blogs.iva.co.uk/ 'Our Story'


Nil carborundum illegitimi
 
 

MelanieGiles

User avatar
Industry Expert
Posts: 47612
Joined: Tue Jan 09, 2007 10:42 am
Location:

Post by MelanieGiles » Thu Jan 03, 2008 12:09 am
So if they all voted yes, they would have to have submitted proofs of debt, so why is your IP still chasing this information up and not closing your case???

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

To have me propose an IVA for you, please visit:
http://www.melaniegiles.com/ivaEnquiry.asp

See customer feedback at:
http://www.iva.com/iva_companies/IVA_Advice_Bureau.asp
Regards, Melanie Giles, Insolvency Practitioner
20 posts Page 1 of 2
Return to “postings for january”