I have made an offer to pay of the remainder of my IVA (with Payplan) in July of this year when it would not actually end until January otherwise.
It seems like others here have had to complete a lot of paperwork for this and schedule a full creditors meeting. But I just sent messages to Payplan via the app, answered a few questions and they are apparently sending a 28 day circular and if no one objects in those 28 days then it can go ahead? Is that normal? It seems very simple so far and I'm wary of possible issues and delays further along the line.
Also, the money is coming from my parents but my parents aren't aware I am even in an IVA. They have come into some money and have said they can either take me on holiday or let me have some money. I have asked for money, but from my perspective it is for the express purpose for paying off the IVA (otherwise I would just have chosen the holiday!). The person I dealt with from Payplan seemed ok with this when I explained but I have seen from others here that they money has to be paid directly from the person gifting it and they have to confirm it is for the purposes of the IVA. Is it possible that Payplan are willing to just overlook this requirement in my case or would they be likely to come back and place conditions on it after the 28 day circular (hopefully) goes without any objections?
Thanks for your reply Foggy. Fingers crossed the fact that they're going ahead with the 28 day circular means they're happy with my proposal. I did make it clear that I would only ask for the money if it could be used to pay off the IVA, and that I saw paying my IVA off as a priority over going on a nice free holiday, so hopefully it is clear that the money is only for this purpose and I won't request/receive it if it can't be used for that.
I am keen to get it paid off in July because I want to move house in January and know it can take time to get all the loose ends tied up once the IVA is completed. The house I'm buying is a new build, which I have reserved, and I have already accepted an offer on my house. How long after an IVA finishes would it normally take to have the land registry restriction removed from my property?
My buyer is keen to plough on with getting everything sorted ASAP via our solicitors but I'm aware that the restriction is likely to show up at some point unless I get it removed before any searches are done. Do you think I should warn my solicitor that it is there? So far I haven't mentioned it to anyone and don't know if I need to.
Once the offer has been accepted and the money paid to Payplan, there is no reason for the restriction to remain and Payplan could get it removed right away --- if they are willing. If not, and the buyers get wind of it, their conveyancer / solicitor might be happy to proceed with an undertaking from your IP to remove the restriction asap.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014 http://foggy.blogs.iva.co.uk