final settlement figure, what could we expect?

[upwards4ever]

That is what I thought but getting confused by your previous posting. You talk about Supervisor being apointed by creditors and therefore responsible to them. Yet if the Supervisor and IP are one and the same surely the debtor chose them and are ultimately paying them. Also you say they are responsible for 'only enforcing' something we have agreed to, so surely it is a major irresponsibilty to walk us into an agreement that is totally loaded against us.

I know you can say we are adults and can say 'no' to these modifications but at that stage of the scenario we are emotionally out of our depth and are in no way unjustified in expecting to be led by the hand in a straightforward and trusting manner.

Obviously this debate has become more of an ethical issue now and for that reason I now believe that if a modification is introduced at the meeting the debtor should be given sufficient time to seek independant third party advice.

Although, at the time of the phone call to tell me of acceptance and modifications, I was asked "Is that ok?" it was not asked in a manner that suggested there was time to think about it or go and speak to someone else. It felt more like 'if want this accepted you gotta say yes now!'

[cockerhoop]

Upwards4ever, your IP sounds like a lovely girl called Kerry would i be correct? and i agree the phonecall starts with good news your IVA has been accepted, then she blurts out the conditions, which you are to heady to listen too, and she wants an instant answer is that OK, i was at an M5 service area at the time on the way to a work meeting.

[MelanieGiles]

Hi again

Not quite correct. You choose the IP to act as your Nominee - the creditors choose the IP they want to act as the Supervisor. I accept that in 999 cases out of 1,000 these are one and the same person, but from the time he/she is appointed your Supervisor their job is to primarily ensure that your arrangement runs correctly and that the return to creditors is produced. Of course they owe you a massive duty of care as well.

And in any other arrangement other than one which returns 100p in the £ to creditors - it is the creditors who effectively pay the IP, as their dividend is reduced by the level of the IP's fees.

Your point about independent advice with regard to accepting modifications is an extremely good one, but should only be necessary if people feel that they do not understand the modifications. You could have told your supervisor that you needed more time to make your minds up, and they could have adjourned proceedings for up to 14 days.

If you have issues with the way you feel you were forced into accepting this modification, you should draw these to the attention of your Supervisor, but I am afraid that you are bound by the contract that was made on the day.

A big warning to all people entering into IVAs at the moment to fully understand the implications of modifications you are being asked to consider - and take that 14 day breathing space if necessary. This is the next five years of your lives, and often the roof above your heads, and it is easy to get carried away by the euphoria of the IVA being accepted.

And can I just say that the most responsible IP's will not let their clients accept any modifications that they do not feel would be accepted.

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

[upwards4ever]

Hi Cockerhoop. Not sure of girls name that rang me that day but certainly sounds like her although my IP is called Emma and I think it was a junior member of staff who called me.

Melanie - Re the opportunity of 14 day adjournment to consider modifications....first I've heard of it!

However, can't change anything now so will just have to wait until IP comes back to me re settlement proposal. Nearly 2 weeks now and still haven't heard from them as to whether or not they are prepared to put it forward.

Will keep you posted.