I have offered a final settlement figure (I’m in my last 12 months) it’s been 6 weeks and I rang for an update yesterday they informed me that they haven’t even spoke to the creditors yet, anyone any experience of early settlement and timescales
You can push them but, by the time it is sorted, it might be as well to let it run it's course.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
There are industry timescales. It will depend upon which terms are used:
In R3 cases the requirement to convene the meeting within 21 days is in Part X section 60(2) .....
"60(2)[Power to requisition a meeting] If requested in writing by the Debtor, or by
Creditors with not less than one-quarter in value of the total amount of Debts subject
to the Arrangement, the Supervisor shall, unless relieved by the Court from so doing,
convene a meeting of Creditors within 21 days from the receipt of such request. "
In the Standard Conditions used in the 2014 Protocol it is in Part IX section 19(2) .....
"19(2) If requested in writing by you, or by creditors with at least one-quarter in value of the total amount of debts subject to the arrangement, the Supervisor must call a creditors meeting within 21 days from receiving such request, unless the court decides he/she need not do so."
However this limit was left out of the 2016 Protocol.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
It might be a bit late with only 12 months to run.
However to answer your question they have 21 days to call a meeting of creditors (once they have all the info. fom you) and 14 days notice to be given to creditors so if 6 weeks have now passed since you gave them everything you needed you should have the creditors answer by now...
Check the variaiton section of your proposals/T&C and perhaps remind your IP that they appear to have slipped up...
