How long for a creditors date?

[flashingblade]

Hi

Just wondering how long you have to wait for a creditors date. We have got proposal today finally, will send it back tomorrow, so they should get in mon/tues, so when will we hear of a date for the meeting. How long does it take to go through the courts etc?

Thanks[:o)]

[MelanieGiles]

Hi Flashingblade

Great to hear that you have signed your proposal - almost there now with the end in sight!

We try to give 21 day's notice to creditors - the legal minimum notice period is 14 days with 2 additional days allowed for posting, but creditors have recently asked us to extend this period as they are really busy. Your IP should be able to tell you when the meeting date is - give he or she a call. The Court now has little input into the process, if you are not seeking an Interim Order which I guess you aren't, so don't worry about that.

Very best of luck - we are all rooting for you at this end.


Regards, Melanie Giles, Insolvency Practitioner for over 20 years.
View my IVA blog at: http://melaniegiles.blogs.iva.co.uk

[Dominic]

the whole process from deciding and then getting a proposal submitted and then the creditors meeting took six weeks, it can take longer depending on your circumstances.

[flashingblade]

Hi, thanks for your replies.

Melanie, in yours you said that the courts have little to do with the IVA process, but our proposal says something along the lines of :

Once papers are received they will then be lodged at the courts, and your creditors notified.

So does that mean our IP is applying for an Interim Order?

[MelanieGiles]

Hi Flashingblade

No - it sounds to me as if your IP is merely sending the copies of your proposals to Court at the same time he is issuing them to creditors. This is quite normal, and these days Interim Orders are only applied for if there is some risk to the assets - ie a charging order, attachment of earnings order or a bankruptcy petition. Although the Court have no real role these days, we still have to lodge the documents at your local Court, where a Court reference number is issued.

When your IP submits his annual reports at the end of each year, these also have to be sent to the Court as well.

Hope this helps, and do let us know how you get on at the creditors meeting. It would be particulary helpful if all new posters could let us know the outcomes of their meetings - who voted, who didn't and who rejected. We (particularly the IP members) can benefit greatly from receiving this information.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.
View my IVA blog at: http://melaniegiles.blogs.iva.co.uk

[jax]

Hi my IVA was approved just before christmas and out of a list of creditors (as long as your arm!) only Capital One voted. Am Ex, Lloyds TSB, Barclaycard, Providian, none of these even replied let alone voted. Hope this helps.

My IVA, start to approval took 6 weeks and its the best thing that I could have done! In the past I have taken out loans and credit agreements with bigger repayments than my IVA and when I was making them I had less to live on then than I have now!
I feel almost rich and I probably have more disposable income now than I've had in years cos I CAN afford the payments this time.

New Year and a new chance to get myself straight!

Getting closer to (debt) freedom. Jax [:)]

[iva_squirrel]

Hello,

Brilliant news!!! Good luck for the future.

I hope that your iva will give you an opportunity to have a fresh start.

Kindest regards,


Julia


For more information about IVAs, please visit my website:
www.supersonicsquirrel.net

[Dominic]

congratualtions Jax