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Just received notification from my IP that my full and final IVA was approved (25p/£). Huge relief. Do not know who voted or how they voted but will presumably be clear once I receive Chairman's report. What happens once I receive the Report in terms of getting monies paid to creditors? Should have asked my IP but too ecstatic to think about that level of detail.

Cant answer your question but great news on your approval really pleased for you all the very best.

Ang

You will need to send the money to the IP as soon as it is available, and they can then commence closure proceedings.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk

Melanie - Thanks for the advice. Some further expert help if I may.

In reading my IVA it states that the proposed date of distribution duration is six months but then goes on to say that the deadline for creditors to submit their claims has been shortened to 2 months from standard 6. Further on in the IVA under Administration of the Arrangement and Duration paragragh it states "It is anticipated that the duration of the voluntary arrangement will be 9 months allowing three months after dividend distribution to conclude the administration of the arrangement". Confused about the references to various dates and once lump sum provided how soon is the IVA formally closed, if that is right term, and Insolvancy Register updated.

Sorry to ask a supplementary, but full and final proposal identified assests totaling £80k to fund IVA, however this included endowment policies which will now be cashed. However, the value of these policies haqve risen slightly (only a few hundred pounds since proposal was first put together), question is do I still provide the £80k only or is £80k plus added value of policies. And finally (know I am pushing my luck), I just want to get this done and dusted asap, it will take a couple of weeks to cash in policies, in the meantime could a family member provide money to the IVA in lieu of the policies and I simply repay my family when cash from policies came through. As I said just wanting to get things done asap and move on with my life

Hi
Firstly,well done to you !!
Secondly i can understand you wanting to get the money together and settle your IVA but just send the money in as you release it.From my own experience your IP wll not rush to send out cheques etc,they seem to work at their own pace and I doubt if it will make any difference if you sent the money tomorrow or in two weeks time.
Remember your IVA is legally binding and your creditors can,t just change their mind so relax,remortgage and cash in the endowments as the days roll on.
I would just send in the 80k,as agreed
Regards

Andy Davie
IVA.co.uk Spokesperson

About me:
http://www.iva.co.uk/andy_davie_profile.asp

IVA Helpline: 0800 197 4838
http://www.iva.co.uk/iva_helpline.asp

But there is no problem in introducing family money in lieu of the endowment policies if you want to. The dates your IP is referring to are merely to ensure that ample time is given for creditors to submit their claims, and the IP to finalise matters. My personal view on full and final settlement type IVA's is that they generally take the full period to finalise properly, and there is a school of thought amongst some creditors which states that the IVA ought to remain on record for a year, to accord with the similar period for bankruptcy discharge.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk

Hi
I too am in the process of surrendering/selling endowment policies to fund an IVA and they have risen slightly since the proposal but I am sending in the full amount as it is only fair to give the creditors as much back as possible as they are writing off a large amount of our debt. I think my proposal said we would be paying back at least 25p in the pound so obviously there is no set amount just as much as you can raise 25p or over. Like you it was a huge relief to get it accepted and is great to be not living under a load of stress and worry about our debts.
Sue