IVA approved! thanks to everyone who posted

[Sensible77]

If my IVA were to be rejected again how long is the period before I could start another IVA?

[MelanieGiles]

There is no time limit for representation. I have recently done this is three cases where the original creditors meeting was less than a month ago, and have already had one case accepted. But I feel sure that this will not be necessary in your case.

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, Melanie.

[Sensible77]

Received a letter from Payplan this morning confirming that the creditor's meeting will reconvene at 11:30 on 13 June. Something that I have noticed with people saying that their IVA has been accepted is when they say that the creditors wanted for example an additional £50 a month. It sounds like this has been put to the person by the Chairman and they have agreed or not, then the Chairman says that the IVA is approved. Does this mean that some creditors will say what modifications they want or are some Chairman more proactive than others? Mine made no suggestions for modifications at all. I got a majority no vote and that was that! As posted previously, I feel as if I was doing more work than the Chairman.

[MelanieGiles]

Sensible

The creditors submit their modifications by fax or post, and these have to be discussed with you on the day of the meeting. Perhaps your Nominee felt that it was not worth discussing if the IVA had been rejected.

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 your reply but I’m not sure what you mean. Do you mean that the creditors may have had modifications but that the Nominee felt they were unrealistic or that he didn’t feel that it was worth suggesting his (Payplan’s) own modifications? Surely if my creditor’s had modifications it would have been fair to mention them to me whatever they may have been? Sorry if I’ve misunderstood you.

[Adam Davies]

Hi Sensible
I think that you need to keep a very open channel of communication with your IP between now and the 13th.Make sure that you agree with the proposal that they are putting forward and ask your IP to speak to the creditors that rejected so that you know before hand exactly why they rejected and what they are looking for.
I do feel that a 46p offer in the first place would have been accepted.
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]

Hi, Andy. You are right. Although I have not spoken to my IP personally, I have been in touch via e-mail several times since last Wednesday. TDX on behalf of HSBC said that the dividend was too low but did not say what they would accept. I suppose if they say 40p but I could offer more would be to their detriment. I need to find out more about why KPMG voted no. They said that the car I have is too expensive and my fuel costs too low. This is inaccurate and I will be contacting PayPlan on Monday to get more detail about this. A point I would like to make is that from my perspective, the applicant seems to have to have quite a lot of knowledge about IVA’s to be able to make the correct decisions, yet for most people this is probably the only time they will deal with such issues. Does anyone do a crash course in IVA’s?!?!

[Adam Davies]

Hi
The applicant should not have to know the inner workings of an IVA,the IVA provider should put forward the best possible proposal,afterall as you said they are the professionals.
My knowledge has been gained from this forum.

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]

Hi, Andy. You're right again. The applicant should not have to know the inner workings of an IVA, so it must depend on the IP doing their best. I get the impression that the creditors who voted no did not say what they are looking for. My last post to Melanie mentions this. I am hopeful about an acceptance on 13 June, but this could have been sorted on 30 May. I don't wish to sound bad towards my IP as that would not be professional at this point in time.

[Dominic]

an applicant shouldnt have to kno true, but maybe its jsut me, it would be a smart move to know as much as you can and have time to find out.

[Sensible77]

Hi, Dominic. Thanks for the reply. In the last 2 months or so I certainly know a lot more than I did. I still don't really have a problem with Payplan. They have been quick, (maybe too quick?) to propose my IVA and their responses have always been timely and helpful. I'm just a bit hacked off at the moment with the creditor's meeting. I watched yours and Adele's videos this morning. Both were very interesting. Adele seemed to have really been given the run around and after paying £4K she is bankrupt. At least with Payplan they require no upfront fees and no payment if the IVA is rejected, so at least I don't have that to worry about!

[tracy.h]

To be honest payplan knew being in the insolvencey industry that HSBC would not except less than 40p in the £ so i feel they have put you through s..t for nothing,im sorry sensible but i feel you have been dealt a low blow because of there ignorance.
I just really do hope with your knew offer you will finaly be excepted and be allowed to move forward,no wonder they don't except upfront fees imagine if you had ,had to pay for there negligence
Tracy

[Sensible77]

Hi, Tracy. I agree with you. After watching Adele's video, I can count myself lucky. The consensus is that I will get accepted on 13 June, but I'm not counting any chickens yet.

[Sensible77]

Hi, Melanie. Thanks for your reply but I’m not sure what you mean. Do you mean that the creditors may have had modifications but that the Nominee felt they were unrealistic or that he didn’t feel that it was worth suggesting his (Payplan’s) own modifications? Surely if my creditor’s had modifications it would have been fair to mention them to me whatever they may have been? Sorry if I’ve misunderstood you.

I have now e-mailed Payplan to ask this question as I am quite perplexed by it.