crditorss meeting

[fbe]

sorry to ask thisdaft questions, what happens if no crditors vote onthe meeting?
is the meeting re-arranged? or the IVA just fails? How many crditors need tovote to pass the IVA? I have 6 creditors.

[Adam Davies]

Hi
If no one votes then it is adjourned normally for two weeks.
You need to get a 75 percent yes vote from creditors that vote on the day.The 75 percent is the value of debt held not on the number of creditors that vote on the day.
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

[fbe]

hi to all

iam very nervous and worried,I have the creditors meeting this week and I have only been notified by two of my creditorsthat they are aware that I am enteringin to an IVA, but my two major creditors NatWest and LLoyds have yet not written to me although they are chasing for arrears for non payments,I am not sure what to make of this? will they vote? and what are of my chances of IVA approved if only two creditors vote e.g. Barclays £5600 and MBNA £11,000?

[MelanieGiles]

If only two creditors vote, and they both vote in favour, this will represent a 100% accptance.

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

[fbe]

MY Iva was rejected today, My IP tells me it is because I helped my family with the credits. so I am back to square one! i have two options bankruptcy or DMP. I dont want to go through the bankruptcy route, because i dont want to loose my home, so my partner is suggesting raising funds by selliing off his loss making business and helping me to pay the debts, if he sells the business I can not meet the debts in full, so is it a good idea to go into a DMP? Will the creditors require payments of the debts in full or I can make instalments payments accorsing to the original loan agreements? any answers will be appreciated? in the meantime, is it worthwhile to go into a DMP until my husband sells the business?

[MelanieGiles]

If you wish to avoid going bankrupt, then a DMP is really your only option. Can you post a little more about this assistance you gave to your family, which your IP says has caused the rejection, and which creditors rejected your offer?

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

[fbe]

Can anyone please suggest a good DMP comany?

[MelanieGiles]

Yes - I recommend Brightoak who are excellent. You can find their details by googling "brightoak".

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

[wardog]

Hi I wonder if someone can help us.A meeting with our creditors was held last month to see if they would accept a lower amount as I had lost my job and am now earning half of what I was before.Needless to say the creditors refused and now another meeting has been set up to put our case forward again.We were told that the creditors could refuse again and that if they do they could choose to make us bankrupt or take over the debts again.We do not want to go bankrupt as we do have children. We have started to send a payment to the iva company to show willing and what we can afford at the moment.We are sending £200 pounds a month.Please could someone help and let us know what our chances are. Many thanks

[Adam Davies]

Hi
Can you post more details about your debts and the payments that you were originally paying into your IVA.Also are you a homeowner and if so how much equity do you have ?
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

[wardog]

Hi andy
We are home owners we have about £25000 in the house we just remortaged to reduce payments to help us, we were paying £430 into the iva to start as I did have a good job to start and I had to leave for medical reasons
Thank you
regards

[MelanieGiles]

I have never ever had a variation proposal turned down by creditors, and I have to say that I feel that some of the rejections we have heard about lately are down to poor presentation rather than creditor apathy. The role of the IP is to present the debtor's changed circumstances to creditors and to make recommendations as to the way forward. Creditors do not want to see their former customers going bankrupt, neither do they want the hassle of ressurecting collection proceedings against them.

Can you find out exactly why the creditors turned down your offer, and what steps your IP took to show them it was the best deal on the table. Could you also confirm how much you owe to creditors.

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

To have me propose an IVA for you, please visit:
http://www.melaniegiles.com/ivaEnquiry.asp

See customer feedback at:
http://www.iva.com/iva_companies/IVA_Advice_Bureau.asp

[wardog]

Hi Melanie
Thank you for your reply we owe £72000
Lloyds Tsb 2 loans 3 credit cards black horse loan first financial loan barclay card and mbna credit card
The IP said that they put forward that our circumstances changed and that I had lost my job through illness the next meeting will be held on the 4th of december.Are we doing the right thing by sending payments of £200 in the mean time?
Regards

[MelanieGiles]

There can be no harm in sending what you can afford, as a continued demonstration of your commitment to the future of the IVA, but I would ask to see a copy of your IP's report to creditors (you should have this in any case!) to see what recommendations they are putting to credirors, and find out why creditors turned down the offer. Has anyone in your IP's office actually spoken to any of the creditors to find this out?

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

To have me propose an IVA for you, please visit:
http://www.melaniegiles.com/ivaEnquiry.asp

See customer feedback at:
http://www.iva.com/iva_companies/IVA_Advice_Bureau.asp

[wardog]

Hi yes we do have the report but its a little hard to understand what it is all about! I dont think anyone has asked the creditors to be honest maybe i should call and find out this is so stressful my head hurts!! Thank you for all oyur replys i must say that myself and my husband were shocked that we got turned down TheIP has put forward for us to pay £285 instead of the £430 and then goes on to say the reasons as to why we have to pay less
Regards
Sam