www.iva.co.uk

My husband and i are in the second year of our IVA's but due to a change in circumstance with our business we have no income at present! We are hoping we can find another contract or get new jobs quickly.
We have been given a break from our IVA payments by our IP to enable us to try and sort things out. In the meantime my mother has very kindly agreed to loan us £20,000 to offer as a full and final settlement. She has written to the IP saying that she is prepared to do this for us. Last week they rang me and they have said that they want the funds deposited in a client account before they will make the proposal to the creditors. My mum is very wary of this request to put the funds upfront, and she has asked that it be put in writing, i fear this may put her off helping us.I asked our case manager if this was a legal requirement or a company requirement and she said it was a company one, is this usual procedure? Thank you

Our full and final meeting is tomorrow. I haven't beem asked to deposit the funds from my 3rd party upfront but I do seem to recall some posters mentioning that they have had to do this. As my 3rd party is my employer maybe they thought this was a safe option,just sthinking aloud. Goos luck with your full and final, I am sure others will be along to help answer your question soon.

Some companies do this, but will give written assurance that, if the F&F is not accepted the funds will be returned.

Which company are you with ?

As others have said it's different with each company. Get written assurance that the money will be returned in full if the F&F is not accepted and then I would think it would be ok to deposit the funds. Maybe it's just their way of doing things? x

Hi, our IP Mel Giles asked for the F&F funds to be with her before the meeting was set on the understanding it would be returned to my parents if the IVA wasn't accepted (thankfully it was accepted last month[:)])

Mine just needed proof, bank statements and payslip confirming where the funds were, where they came from, and that they were available.

Regards........Howard

Different companies do things in different ways. I suppose the offer will look far more appealing if the cash is there waiting.
I shouldnt worry too much, if the offer is refused then the funds would just be returned.