IVA approved! thanks to everyone who posted

[MelanieGiles]

Hi Sensible

In my earlier posts I have advised you of the 40p criteria required by these creditors, so I am sure that if you can hit that sort of dividend you will be eventually successful. There is no leeway on this at the moment - regardless of who is acting for you.

Good luck for 2 weeks time.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk

[Sensible77]

Thanks for the responses. We've both had a good talk about things this afternoon. My pension payment will increase the dividend to over 40p which hopefully will secure a yes vote from TDX on behalf of HSBC, but if KPMG still vote no I still won't have a majority. The Chairman told me that the people who voted no did not say why. Is this normal or is it a case of them not saying what they will accept so that they may get an even better offer?

[MelanieGiles]

In my experience creditors usually confirm why they are rejecting - and KPMG will definately do this if they are asked.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk

[Sensible77]

The Chairman did say that KPMG noted that the cost of the car that I lease through work seemed quite high and that my monthly fuel expediture also seemed high. This seemed odd to me as they do not know what car I have and how many miles I travel to work. TDX refused as my proposal was less than 40p. I seem to have answered my own question!

[MelanieGiles]

Strange that your IP did not include this detail in the proposal. It is usually sensible to try and answer the creditors likely questions within the body of the proposal, rather than go throught the tedium of adjourment proceedings, but in your case this was necessary as the dividend you were offering was known to be unacceptable to certain creditors.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk

[Sensible77]

Hi, Melanie. Thanks for the response. To be honest, I feel like I have wasted the last 2 months. As you said before, I don’t understand why Payplan submitted my proposal with the strong likelihood that it would be rejected. All the Chairman suggested was to go into a DMP for 3 months then submit a new IVA. He didn’t mention the adjournment or any ways to improve the offer. In fact I had to ask about an adjournment. I feel that without the help of this board and the research I have done I would probably have accepted the DMP or commenced bankruptcy proceedings. It’s not yet dead in the water, but I’m not filled with much hope at the moment.

[MelanieGiles]

Sensible

I feel sure that your creditors will change their minds - but your credibility is on the line as they may wonder if you can improve your offer now, why you didn't put that offer forward in the first place. That said - the adjournment procedure is rightfully therefore for you to take advantage of - and to have another try. I feel sure that you will succeed next time.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk

[Sensible77]

Hi, Melanie. You're absolutely right. I wanted to include my pension contribution in my proposal but was told that it wouldn't be necessary. At the end of the day you are led by the professionals so I did not doubt their advice. This has been an eye opener for me, as I can now see why IVA's sometimes fail. The people entering into an IVA are in a vulnerable and uninformed position and expect the IP to do the best for them.

[thebear29uk]

Hi Sensible

I know a while back some of us queried you going forward with your proposal when HSBC had a definite policy of 40p in the £. This doesn't make us any happier to be proved right. However it does potentially give you serious food for thought. Following the concerns voiced here you discussed this with Payplan and placed your trust in them to put forward the proposal. You offered ways of increasing the dividend but were told it was not necessary.

This is where, as you rightly say, you are reliant on the IP knowing the voting criteria of the various creditors. If it subsequently gets rejected you cannot be held responsible.

I truly hope that your amended proposal is accepted.

Best wishes

Dave

[tracy.h]

Hi Sensible
Im sorry you didnt get the news you were hopeing for,but all is not lost lets hope payplan can get this sorted asap,its just a shame they never put your pension contributions forward to begin with they must realise being in the industry that HSBC

[tracy.h]

i'll finish sorry pressed wrong button.
would not except less than 40p in the £,it just seems unfair that you now have to wait AGAIN for them to do what they should of done in the first place.
But i'm sure Melanie is correct and with a revised offer you will be successfull.
I really do hope so

[Adam Davies]

Hi
You must feel very frustrated knowing what you do.
I suggest a lengthy chat with your IP and push to get your proposal through.
Regards

Andy Davie
IVA.co.uk Spokesperson and site manager
(aka Neverending)

Please check out my blog: http://andydavie.blogs.iva.co.uk

View my profile here:
http://www.iva.co.uk/andy_davie_profile.asp

[Sensible77]

Thanks for the responses. I've been in touch with Payplan today by e-mail. The dividend will now increase to 46p which should be OK. I have received the comments made by KPMG as to why they refused, but without wanting to go into detail at the moment, this could easily have been sorted within the proposal. Once this is sorted either way I am prepared to start a blog, but I feel these posts keep it to the forefront better. As this thread is now spread over 7 pages and is probably quite tedious to read in full, would it be a good idea to start a new thread, "IVA with Payplan 2", with a link to the original thread?

[admin]

Hi Sensible,
Please do keep posting on this thread so that we can all follow it to its successful conclusion!

regards, admin

[Sensible77]

Will do!