www.iva.co.uk

Fortunate to have a creditors meeting next month after submitting an offer but wondered what happens if the creditors agree. Are there any more reviews to do?

It would be unlikely as everything should have been reviewed prior to the F&F offer.

Thanks just wondered what to expect.

If a review date falls between the acceptance of the offer and the completion certificate they should do a review under the terms of the proposal, however, it will be a repeat of the pre-F&F review ( at least it was in my case).

No our review wouldn't be till August. We are with CF but we haven't had submitted any recent wage slips or anything pre our proposal.

There would be no need for a review after a F&F. Any issues such as overtime would be addressed prior to the meeting.

Good luck with your F&F offer.

Payplan have agreed to move forward with my F&F offer and it is currently being drafted by the variation team. Unfortunately they've indicated this could take some months. My last annual review was in September. Does this mean I'll need another review before the creditors meeting, and if so, is it just the same as the annual review, or something different? Thanks

I fail to see how it can take months to draft a variation so somebody must have got crossed wires. It usually takes us no more than a week for the variations to be drafted and circulated so I cannot for the life of me see how it would take months.

It only takes a few days to draft a full IVA proposal once all the facts are known so how could a short variation be more difficult? Go back to Payplan and see what they really meant.

Hi Michael. I'm equally confused as to why it should take so long. This is an extract from Payplan's email to me after asking if they can speed up the process:~
'The process for preparing the revised proposals to your creditors can take a few months. As this is a legally binding arrangement we are unable to speed the process. Your details are currently with our variation team if any further information is required from they will be in touch with you'

Ridiculous ... this should as Michael says take days to prepare and send off ... more like payplan are delaying the process or have backlogs to clear. If it were me I would make sure the IP is involved nit just caseworkers.

I bet you if you rang Payplan as a new client they would find plenty of time to deal with you. But existing clients who are trapped and cannot go elsewhere have to wait months for simple variations!

This is ridiculous especially as this firm are funded by the bank and are usually found on bank literature if anyone gets into trouble. Perhaps another reason why anyone new should speak with the independent professional sector and not just take advice from the bank funded or charity sector.

I've spoken to Payplan and they've confirmed it will be months, not weeks. Whilst they've not said they have a backlog (which is probably the case), they've said they do have a very large number of customers that have requested variations, which will take some months to process.

YES!!!!