I am not crticising what you did but I am questioning the validity of what happened. I accept you were pressurised into signing the document but I have serious doubts about whether or not this document is valid. It could also be argued that the IVA may not even be valid if one creditor received an inducement and the others did not.
I agree that you should seek independent legal advice to try and protect yourself.
Thank you to everyone for your comments. I think the best thing to do as suggested is to talk to my IP and also seek some legal advice which I will do today. Kind regards, Val
font size="1" face="Verdana, Arial, Helvetica">quote:<hr height="1" noshade>Originally posted by Michael Peoples
No creditor can be treated better than another and I doubt if this document would hold water. Effectively this creditor was bribed to vote yes and will benefit more than the other creditors who I doubt very much would have approved had they been aware.
Does it not also hold that it's at best inappropriate for a creditor considering an IVA to negotiate directly with the debtor with a view to getting preferential treatment ? maybe instead of bribery it was extortion ?
Had this been a bank rather than a 'friend' would you have viewed it differently (as people tend to sympathize with a friend, but have little sympathy for banks)
A bank would not have done this as they would know that it could potentially invalidate the IVA. If a bank demands anything extra it goes into the 'pot' and is evenly spread among all creditors and they are not the only ones to benefit.
I agree that it could as easily be read as blackmail and no doubt the poster had the correct intentions but the outcome was the same and not much of a 'friend'.
