Help

[AndreaTurnb]

2 creditors voted in favour for me, they were the only two who bothered voting they were Yorkshire Bank and GE Money.
When we first approached our Ip for an IVA he never said anything about my husband having to get votes as well he just said the majority votes as it was a joint IVA. Can anyone advise me please. He has said that if we can get asda to vote as my husband is a card holder on my account then they will accept that. He keeps telling me not to worry but how can I not.

I phoned him about something else today and he never uttered a word about whether any of my husbands creditors have been in touch

I asked the IP about doing a seperate IVA and he said no that my creditors would come after m husband for the debt instead.

My second payment to them is due out Friday and I don't know whether to postpone the standing order until after the new creditors meeting date.

My head is all over the place and I wish the waiting was over. I dread to think it's going to be rejected on the 19th six days before christmas.

Andrea

[Dominic]

i thought the law was if 75% of the creditors by volume who voted at the meeting approved the IVA that was that?

[AndreaTurnb]

Hi
I did too but apparently because 2 of the debts are solely my husbands he has to have a vote as well. I really need this confirming as got the impression at the start of the IVA when I was speaking to my IP that he realy did'nt know what he was doing.

Can you or anyone help?

Andrea

[Dominic]

Heres the insolvency Act 1996

http://www.insolvency.gov.uk/insolvency ... lation.htm

[AndreaTurnb]

Hi Dominic

Thanks for that found a section in there that states:
b) binds every person who in accordance with the rules had notice of, and was entitled to vote at, the meeting (whether or not he was present or represented at it) as if he were a party to the arrangement.

If I'm reading this right I'm going to mention this to my IP tomorrow.

Andrea

[Dominic]

This might help as well:

http://www.iva-solutions.co.uk/download ... rities.pdf

[Dominic]

INSOLVENCY RULES 1986
EXTRACT OF RULE 5.23 CONCERNING REQUISITE MAJORITIES
FOR VOTING AT A MEETING OF CREDITORS

5.23(1) (Three-quarters majority) Subject as follows, at the creditors’ meeting for any resolution to pass approving any proposal or modifications there must be a majority in excess of three-quarters in value of the creditors present in person or by proxy and voting on the resolution.

[illihor]

Although it may be put forward as a "Joint" IVA, unfortunately they are still treated individualy for the purposes of voting. This means that although you may have had 2 creditors vote, which may have been enough for a yes vote on your IVA, if those creditors did not make up part of the other IVA then effectively there have been no votes on that one.

That is my understanding of it. The insolvency act is a difficult bit of mumbo-jumbo to decipher.

If creditors decide not to vote then nothing can happen. These rules are being changed however and are due to come into effect later next year. It will be more in line with the Trust deed, where by not voting is taken as a yes. Until this happens we are all subject to the increasing unwillingness of creditors to vote/get involved with the IVA process.

Your IP could try and get an answer from a couple more of your creditors, or one of yours and 1 of your husbands. Then you have another factor though which is the potential increased administrative costs of your IP depending on how they are charging.

On the way to a brighter future....

[MAY2006]

Hi Andrea
Who is dealing with your IVA?
I can remember when our was going through asking what would happen if there were no votes or not enough votes and being told that was what my IP was getting his fee for, not just for filling in forms but for negotiating with and influencing creditors when things were not going to plan.
The fact that you are paying before your IVA is agreed really bothers me too, but I have read it on other posts. I was under the impression that the fees came out of your payments and if the IVA failed the firm got nothing.
As I have said before we remortgaged upfront and the money was held in a client account before the IVA went through, I would'nt like to have thought that had it failed they would have sent me back the money less £2500 plus vat
Can your husband contact his creditors and tell them its IVA and a % of their money back or 100% of nothing?

[neverending]

Hi
Illihor is correct in that each person is treated seperately even if a "joint" IVA.Again all this should have been explained to you clearly before hand.I am not sure about your IP stating that you cannot have your own IVA,He is correct in that they can pursue your husband if he is joint signatory on any of your debts but if this is not the case then I can see no reason for this not too happen.
With regard to payment speak to your IP urgently,if he indicates that it is unlikely to succeed then do not make any more payments.
Your best course of action is to hassle your IP into contacting your husbands creditors but again your IP should have forseen the problem and must have known that KPMG would be acting for your husbands debts.
A lesson to all contemplating an IVA......do not pay any upfront fees unless you have written guarantee of a refund if the IVA is not approved.
There is still hope Andrea and I will keep my fingers crossed.

[scooby]

Hi Ijust had an IVA approved which is a joint one with my wife out of six creditors only 2 voted they both voted yes and the IVA was approved both of these were credit card debt which were only in my name. None of my wifes creditors voted but my IVA was approved.
So how come mine was approved and Andreas was not?

Merry Xmas Scooby

[neverending]

Well if those facts are true then i am baffled.Can anyone else explain ??

[AndreaTurnb]

Hi all

I.ve spoken to my IP every day this week just to make sure he's not forgetting about me.

He's emailed KPGM twice with every bit of information he has on us. He says it's a bit like getting blood out of a stone with them as they deal with IVA's on a 'when I get round to it attitude.

I asked him when they had till and he said Thursday 14th, if they had'nt replied by then, then he would adjourn another week though he doesn't want to with xmas coming up as he doesn't want it hanging over me. If they still don't reply he says he resubmit. Meanwhile I have had debt collectors at my door. Going to write to my creditors and explain the delay.

I asked him about the payments and he said it was up to me but it does show that I'm committed to an IVA if I pay. Any money I pay is held till the conclusion of the creditors meeting then distributed depending on the outcome.

On a lighter note just found the energy to put my xmas decorations up, took me 3 hours to do my tree then whilst hanging my ceiling lights fell off the ladder onto the tree. Oh what joy!

Andrea

[AndreaTurnb]

Hi again

Scooby can I ask who your IVA is with please.
The Ip I'm with are called Varden Nuttall.

Regards

Andrea

[Dominic]

my IP is called RE10 and they were very quick and efficient thus far.