IVA approved! thanks to everyone who posted

[Adam Davies]

Hi
Your creditors will not know how each other have voted so don,t read too much into it,although it sounds as if the two creditors that you have mentioned sound as if they are positive towards an IVA.
Banks also tend to log IVAs the same as bankruptcy,so even if you are in an IVA it is deemed as bankruptcy on their records[not the credit reference records]so do not worry about this.
I really hope yours is accepted because it will give hope to many faced with creditors who seem to have their own set minimum dividend regardless of the case.
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, Andy. 12 days and counting!

[Dominic]

thats almost 10K extra is that for the fees?

[Sensible77]

Hi, Dominic. I'm sorry but I don't understand you question.

[Dominic]

are you been charged an extra 10K?

[Sensible77]

Hi, Dominic. I'm still not sure what you mean, but if you are referring to the fees, they are £7984.16 plus VAT. As in an earlier post from Melanie, they may be reduced and I can up my percentage of the equity release from the minimum 75%. We are expecting my creditors to require modifications to the proposal so we have tried to pre-empt them but we can never be sure what they will be until the day.

[Sensible77]

Got a letter from Egg today acknowledging my IVA proposal. It says that they will now deal with my official representative but may contact me if they require further information. To date I've had no phone calls from any of my creditors so I'm hoping it stays that way!

[Sensible77]

Got a letter from Payplan on Saturday just confirming the telephone number I have given them for when they contact me on the 30th. It's seems to have come round really quickly but as it gets closer we're both getting very anxious.

How does the creditors meeting work? I know that it is not a meeting as such, but that votes are by phone or fax. Is it possible that some of my creditors will already have voted with or without modifications? Am I correct in assuming that 1pm on 30 May is the deadline for when all votes must be received? It seems implausible to me that the phone rings and the fax machine starts at 1pm.

I appreciate that none of this makes any difference to the outcome, but it would be interesting to know the procedure.

[MelanieGiles]

Hi Sensible

The procedure will differ in all IP firms, so as one of the forum experts who is an IP in practice, I can tell you what happens in my office only. Have you asked these questions of your own IP??

When clients return their IVA proposals to my office, we call a meeting of creditors for at least 21 days in advance to give the creditors ample time to cast their votes. They come in over a period of time, some creditors usually vote quite early on, and others wait right until the last minute. We have a policy that we do not discuss the progress of voting with clients prior to the meeting, as this can cause unecessary pressure and stress, and not represent a true position.

At the time of the meeting, all proxy votes are summarised and calculated. If the IVA has been accepted, but there are modifications required by the creditors, then these are discussed with my client at the time to see if they wish to accept them. If we cannot overturn rejecting votes that day, I usually adjourn proceedings for up to 14 days to allow for a longer period of negotiation with the 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. I haven't asked Payplan as I've only thought of it today. I have a lot of time on my hands at the moment and allsorts are going through my mind. What if this, what if that etc. I know it's not constructive, but I feel as if I should be "doing" something till Wednesday! Thanks again for your reply, it has been very helpful.

[Janey]

Hi Sensible

I had an IVA accepted via Payplan in early March, this was my second attempt, what normally happens is you will receive a phone call approx. 15 to 30 minutes after the time your creditors meeting is held. The phone call can come at anytime, if I was you make sure your phone is free for up to an hour afterwards.

If you are unsure just give Payplan a ring I am sure they will help.

Regards, good luck.

Janey

[freelili]

Good luck sensible, you have done all you can now, I hope you get a successful result on Wednesday.

I will be rooting for you

LILY

fly me up to where you are beyong the distant star, I will wish upon tonight, to see you smile, only for a while, to know youre there, a breath away is not too far, to where you are.

[Sensible77]

Thanks, Janey & freelili. I wish I could fast forward the next 48 hours! I know nothing can be done now but the waiting is terrible.

[tracy.h]

Hang in there sesible you have come a long way im wishing you every success for your iva

Tracy

[Sensible77]

Thanks, tracy.h.
I could do with a drink but can't afford it!
We have a bottle of wine from my sister in South Africa that we will open tomorrow subject to the decision. 17 hours and counting!