At the end of the day, a creditor can still reserve the right to reject a proposal. However, if the creditor is a member of the BBA it provides a channel for the lodging of a complaint, or at least requires the creditors to give reasons. The devil is in the detail, however, as whilst a general overview has been circulated to the profession, we have not been circulated with, for example, standard terms which at the beginning of this month had not been finalised. I would hope that the standard terms will create a level playing fields in a number of areas, some of which are burning issues on this forum, to name but 2 as examples, variations and review clauses.
The overall tone does, however, seem to be on the positive side. The apparent intention is that if a debtor, who is making a genuine attempt to repay his or her debts, asks an IP to produce a protocol-compliant proposal, then it ought to be approved with minimum fuss and (dare I say it) with few if any modifications. Once the details have been circulated (I hope R3 and my licensing body will do so today) I will know a bit more.
Ian
Edit: From Melanies post elsewhere I see they have been issued by the DTI. The areas I refer to above have indeed been addressed!
Last edited by
ianmillington on Wed Jan 30, 2008 9:43 am, edited 1 time in total.
Ian Millington
Insolvency Director
PDHL Ltd (formerly Personal Debt Helpline Ltd)
www.pdhl.co.uk