Surety Bond?

Discussion in 'Share Your Personal Experience' started by lundfactor, Apr 2, 2013.

  1. lundfactor

    lundfactor Newbie

    Not sure if my last post will be seen as it was buried in a long string.....Anyway....Dad is recieving monthly AA benefits and is waiting to recieve the retro active back pay. We recieved a letter dated January 29th that dad will be awarded the back pay and it will in fact be retroactive back for a one year period. The Fiduciary has been set up and in the original fiduciary documents we recieved, the VA said that we "will not have to establish a Surety Bond". Just got a letter today now telling us we have to set up a surety bond in the amount of $47,000!!!! Does anyone know why we now have to do so and what this is? Will they continue to hold payment until this bond is set up? be It just amazes me how long this continues to drag on, and on.....
     
  2. vetadmin

    vetadmin Administrator Staff Member

    Hoping someone will jump in here, as I have never heard of this bond or know of anyone in 7 1/2 years having to provide one.
     
  3. vetadmin

    vetadmin Administrator Staff Member

    Here is a little insight on this. The VA does require a Surety Bond when the retro amount is more than $20,000 and there is a Fiduciary being appointed. This is something you are going to have to get in order to receive his back award.
     

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