Had a conversation with one of my creditors regarding my debts with them, it was a very enlightening conversation. I was told that the main reason they voted against our iva application back in May was the level of fees that were to be levied. We werent told in the chairs report about this. We were told it had just been rejected by creditors mainly due to a low offer.This has both surprised and annoyed us as we feel if this info was forthcoming we could have negotiated a succesful outcome to our application.
I really don't think that this would have been the real reason for rejection John, but if you can post the amount that your IP was proposing to charge, against the contributions you were pledging I can advise further. What dividend was being offered?
Hi John
I would't take much notice of what's been said.I doubt the person that you spoke to really has any info on your case and is just making a generalisation regarding fees in an IVA.
Regards
I also am of the opinion that it would not purely have been on the basis of high fees.
The IP acting on your behalf should have explained to you the reasons for rejection. On receipt of the rejection proxy I would expect him / her to have contacted you to explain the position and between you and the creditor see if there was any compromise that could have been reached between you. I don't believe a rejection on the basis of fees would have been the only reason to have a proposal rejected.
