The only problem is that NR is obviously the sticking block, and I couldn't see them changing their minds with another IP at this stage.
Whilst I am all for paying back as much as you can via an IVA, if the creditors are going to make it difficult for you, then I would give up now.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
I don't owe NR anything, so in my case they can't be the sticking point. It's a bit of a mystery at the moment and the meeting has been adjourned.
I'm confident in my IP (Susan Clay who works with Melanie Giles), but to be fair to them I'm not giving them much to negotiate with beyond this point as I'm not prepared to move beyond my original proposal.
As I said previously, I would have preferred to enter an IVA, but not 'at any cost'. BR is looking the most likely outcome at the moment if the creditors don't back down in the next 14 days....
Melanie's company come very highly recommended on here.
I think you need to speak to Susan to let them know that you're not prepared to budge on this one.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
I am intrigued by this post, because creditors do not usually look to extend the IVA past 5 years without giving reasons - and having just looked at the file I cannot see that any justification has been given for this request by the creditor's voting representative - so I will be straight on the phone to them tomorrow, which I assume that my colleaguse have already done.
It will be a shame for everyone to suffer a bankruptcy when a perfectly good IVA has been presented, but I would be interested to know what length of time the debts were taken out over. Was this more or less than 5 years?
I must apologise as well as I got it into my head that NR were involved, I think it was reading a previous post and it stuck in my head!
Sorry about that, and I am sure Mel will sort it out for you tomorrow.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
It will be a shame for everyone to suffer a bankruptcy when a perfectly good IVA has been presented, but I would be interested to know what length of time the debts were taken out over. Was this more or less than 5 years?
Hi Melanie,
Yes - I think Gareth spent much of the afternoon speaking to them and chasing them in equal measure!
Some of the credit was taken out over five years ago, but I'm not sure I'd see this as justification for creditors seeking an extended term. Surely their decision should be based upon the proposed dividend?
It makes no commercial sense to me for them to reject what I thought was a reasonable proposal, with a good return, and watch their return become very small through bankrupcy.
I also feel for your team, who I'm sure will feel professional disappointment if it fails to go through after all the work they have put in, not to mention the loss of the fee despite the previous work done.
Creditors, unfortunately, can ask for what they like at creditors meetings - and if they feel an extension of time is justified they will say so.
We are not a firm that is fee driven, however I take extreme disappointment when a case does not go forward given the efforts we have all put into it. I know the people who have made the decision on behalf of the banks concerned, and they will have reasons for their actions which we will hopefully be able to discuss with you tomorrow.
I hope it's sorted for you Bumpkin but I do feel you're doing the right thing in sticking to your decision. Melanie will do her utmost of that I'm sure to sort it out.
IVA final payment left the bank on the 26th January 2013...looking forward to a debt free future.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
