www.iva.co.uk

WE did a full and final offer in September 2015 which was accepted but are still waiting for it to be closed as they are waiting for a response from next plc which was about 0.5% of the debt before they can distribute the funds does anybody know if there is a timescale on how long they have to get in contact with my iva company.

From what I understand next have forfeited any claim.

Sounds like your iva company is being slow especially considering this is a full and final scenario.

If your variaiton was accepted (this is not clear from your post) and if there are creditors who have not claimed, regardless of the quantum your IP has to send them a formal notice to put their claim in. I think its 3 weeks notice off the top of my head. After that the creditor is omitted from the dividend and they can close your case.

If the problem is they haven't called the meeting yet this is not right as they have to do that within 3-4 weeks depending on the terms of your proposal.

If the problem is with the votes for the variation then this is a different issue again!

Suggest you ask for a formal written explanation as to the delay and if not reasonable consider making a complaint.

I assume you made a lump sum IVA offer and Next have not submitted a claim as yet. Your IP can exclude them but usually they will try and get all claims in and give creditors a resonable time limit. Sometimes people move and the client does not have an account number or statement so the creditor struggles to trace the debt. Speak to your IP and see why Next are being slow and if they have no reason then they should be excluded.

Next will have had from the start of the IVA to put their claim in.

I think an additional 3 months is enough time to allow Michael - his IP should now send Next the formal notice if they haven't already.