After conservative costs I would say your creditors stand to get around £3.5k from those payments over 5 years, so the dividend looks to be around the 30-odd percent mark, which, on the face of it , is a healthy dividend. But, on such a small debt,the creditors administration costs over the term will eat into that and they will get far less back against the debt. It costs them much the same to process a large debt as a small one.
So, my guess would be that they feel the return is too little, which, as Lisa says, should be in the Chairman's Report of the meeting and your IP should be able to tell you right away.
You could counter this by offering an extra 12 months payments, maybe. If £90 is an accurate reflection of your disposable income it would be folly to try to increase that, as you will find it difficult, if mot impossible, to manage.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
Lisa Thomas wrote:Yes it is an attractive dividend but the figures don't quite seem to stack up.
Where are the assets coming from to fund the dividend and there doesn't seem to be much allowance for any costs.
Your IP firm should be able to tell you why creditors rejected your IVA proposals.
so if the monthly payment is £90 fo example creditors get 40p in £ where does the other 60p go,does that not cover the costs? the figures were based on my income and i&e
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
Lisa Thomas wrote:Yes it is an attractive dividend but the figures don't quite seem to stack up.
Where are the assets coming from to fund the dividend and there doesn't seem to be much allowance for any costs.
Your IP firm should be able to tell you why creditors rejected your IVA proposals.
so if the monthly payment is £90 fo example creditors get 40p in £ where does the other 60p go,does that not cover the costs? the figures were based on my income and i&e
At £90 per month over 5 years, you will pay in £5,400. Of that at least £1000 (probably more) will be nominees fees (for preparing, drawing up and presenting the proposal). Around 15% will be Supervisors fees (for ongoing work, dealing with payments etc). So that's another £610 gone. Then there will be disbursements (phone calls, postage, etc).
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
so this "chairmans report" is it generated everytime a creditors meeting is held or only when the outcome is rejected/accepted. Ive been in touch with cf and they said it will be available after my meeting on the 4th sept.
keall wrote:so this "chairmans report" is it generated everytime a creditors meeting is held or only when the outcome is rejected/accepted. Ive been in touch with cf and they said it will be available after my meeting on the 4th sept.
Generated after each meeting ... it is a report on what was said and done (sort of minutes of the meeting plus) and any alterations agreed in the report over-ride the proposal in implementation.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
If your meeting hasn't been held yet I can only presume sufficient creditors have already rejected your proposals, for you to state it has been rejected.
In which case why don't you ask your IP to tell you why creditors have voted against it?
Lisa Thomas wrote:If your meeting hasn't been held yet I can only presume sufficient creditors have already rejected your proposals, for you to state it has been rejected.
In which case why don't you ask your IP to tell you why creditors have voted against it?
this is compicated to explain...my creditor meeting was held/ajourned until they reached maximum time woth no decision. cf rang me said wasnt enough voters or hadnt voted in time to get a decision either way. them having had a chat with one of my creditors it seems the creditor had taken my account out of iva status as cf had confirmed to them not me that my iva had been rejected. So to further complicate i followed the advise to get a copy of my chairs repirt only to be told it wont be available until after my meeting now on the 4th But ive already had 3!!!
I fear CF are again tampering with the Protocol procedures which were previously agreed with the IVA Forum (industry body .. not this forum) and in accepted use for a number of years .
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
I was under the impression that there was a limit, after which the proposal had to be re-submitted if wanted.
I still think they are tampering with paperwork --- seems only CF have these issues. Last year they were having problems getting initial meetings off the ground on a regular basis with creditors claiming lack of contact and mis-information. Then the well know saga of the variation meetings.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
But ive already had 3!!!
