www.iva.co.uk

Evening

Hubby has put in an offer for F&F on his IVA. Had an email response, can anyone explain the time frame as it doesn't totally make sense to me.

''A request has been sent to our variations team to offer a sum of XYZ in full & final settlement of your arrangement.

Please note that we are required to give creditors a minimum of 28 days notice once the proposal has been drafted.

However, our compliance policy allows for internal processing which will currently extend this period by 6 weeks.''

Does that mean they will have a creditors meeting in 6 weeks + 28 days?

Thanks for your replies.

Hi ... I read it that they have to give creditors 28 days notice of a meeting to consider a full and final offer, however this won't be until they have processed the report to creditors outlining the proposal which will take up to six weeks by the company.

Its a similar timeframe as to the initial set up of the iva and creditors meeting.

See also duplicate thread:

http://www.iva.co.uk/forum/topic.asp?TOPIC_ID=79715

But this is wrong. They only have either 21 or 28 days to send the creditors notice of the meeting - see your terms as to which it is. This is not 6 weeks.

So 21 to call plus 28 notice = 49 days
or 28 to call plus 28 notice = 56 days.

Check your terms and remind them they are breach if they are going to wait 6 weeks...

Is the six weeks to do with the proposal being sent out though? If that hasn't been sent out then the 28 days will start from the time the proposal is sent back.

That's the way I understand it.