font size="1" face="Verdana, Arial, Helvetica">quote:<hr height="1" noshade>Originally posted by ridingthestorm
Dont really care about PPI or fees, my only issue is term of IVA and my 12 month extension if I cant remortgage. I dont wont any sneeky secured loan rubbish etc
stupid fat fingers always double posts [:(!]
sorry
Loved Money, Hate Credit, Road to Recovery.... IVA started 3/3/14 -- IVA F&F accepted 18/5/17
My main concern with this variation is that unless all the resolutions are passed then there could be an adverse impact on the clients. For example, if the creditors agree that the fees can increase but reject the resolution concerning a minimum dividend then the clients could be left with much longer IVAs.
I realise that the email states that creditors have provisionally agreed to the new terms but does this mean 'all' creditors or just the main voting houses such as TiX and WPM?
If you agree to this variation being called and a different creditor [with significant voting power] decides to accept some but not all of the resolutions, is there a guarantee that the variation will be rejected and the proposal revert to the original terms and conditions?
I do not really understand much of this, i am scared to upset them but i do not want to sign anything new! I agreed to ppi claims with pjg and had filled in every flipping form i was sent, i dont want to keep ppi money i just want to get through this without being forced into a secured loan in my final year
Can someone tell me about this in words of one syllable? I understand a lot of it but not all, especially points 8 and 9.
I was told everything would remain the same so as far as I am concerned there really is no need to be "bringing me in line with other IVAs from this company", I just want to get on with it and get it done.
I'm also worried that if I don't sign there will be trouble ahead in the form of them taking ages for completion.
Why would the creditors agree to this anyway? What is in it for them?
Is it just a way of getting that 23% (which I reckoned it was ages ago)?
If there is a minimum dividend, as opposed to an estimated one, they can extend the IVA for as long as it takes to get there ( or fail the arrangement).
In my opinion this set of resolutions is a half hearted job. There are no clauses covering partial rejection which could leave you in dire straits. And what is to say that the creditors cannot accept all except the carrot of the PPI share?
At the very least it should be an "all or nothing" agreement with the strict agreement that, in the event of rejection, the arrangement continues as previously agreed.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
This is exactly what we've all been afraid of, right from the start. So much for the 'your t's & c's will stay the same' rubbish,
I won't apply for ppi refund as I knew exactly what I was doing when I took it out and trying to claim I was missold is, in my mind,nothing short of fraud. But the huge hold they have over all of us is dragging out our closures and making life difficult for us. What a bunch of *****. Feel sick again - I have had enough of this now.
Can someone just summarise in easy English what the new terms entail. It's worrying to comprehend that the IVA could be extended even further! How do I know if the minimum is met or whatever, getting very confused by this.
Also does the increase of fees have to be met by us?
Can't see why creditors will agree a 23% fee unless they feel that PPI reclaims will be worth the extra fees ??
As far as the person in the IVA is concerned the main questions are simply
1. Will my monthly payments be affected ?
2. Will my IVA conclude shortly after my last payment ?
3. Will I have to agree to a secured loan if I have equity ?
