IVA Failing

[tracy.h]

Really pleased that finaly you may get some peace of mind.
Know what you meen my poor dog gets shouted at when i'm stressed and he is such a loving little boy,but i soppose i spend 90% of my time with him so they say you take it out on those closest to you.
Please keep us informed sue it will be very interesting for others as well if you get a well deserved result.
Hope you got a good nights sleep.x

[aguise]

Hi Sue the same from me you really desrve some good luck I hope all goes well from now on.

Ang

Please visit my blog at http://aguise.blogs.iva.co.uk/

[Adam Davies]

Hi Sue
I hope it works out for you,I think that you are on the first steps leading to a solution.
Regards

Andy Davie
IVA.co.uk Spokesperson

About me:
http://www.iva.co.uk/andy_davie_profile.asp

IVA Helpline: 0800 197 4838
http://www.iva.co.uk/iva_helpline.asp

[Sadsack]

Just to give another update - I received via email a letter from the Solicitor I saw on Monday and he is concerned about all the disparities in the various documents I left him. One in particular was the fact that GT did not vote timeously and there is a legal argument that this vote should not have been counted. However, it is all said and done and cannot be changed now. The biggest concern was the lack of consistency regarding my total debt. It bounces between £95k and £121k. Wierd!!

I have also received a response from the IVA company (long awaited) asking me to notify them ASAP once I have a mortgage offer in principle as it will take 14 days to call a meeting with my creditors. DUH!!!!!! My email to him and from the Mortgage Broker stressed to him that we have an offer in principle and we need to move quickly on this F & F.

Its all fun!!!! Will keep you all posted.

Sue

Ho Hum! Think I'll bang my drum!

Read My Blog
http://sadsack.blogs.iva.co.uk/

[tracy.h]

Glad Sue that you still have your sense of humour.Hope all goes well

Tracy

[MelanieGiles]

If your IP has misused creditor proxies, this may void the whole IVA. Not sure if that is helpful to you or not, but could be a good bargaining tool. Your solicitor seems to be very thorough, so I think those legal fees will be well spent.

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

[Sadsack]

This is getting better!!! Not!

Melanie, if this potentially does void the IVA, does that mean my creditors are able to come back to me demanding payment, starting the interest ball rolling etc etc etc?

I know that if this does happen it will take a while for them to do so. Which means between my solicitor, the mortgage broker and myself, we are going to have to move pretty darn quick to get this F&F offer on the table. One thing for sure, should there be a legal loophole in the IVA, I will most certainly challenge any payments to the IP.

Sue

Sue

Ho Hum! Think I'll bang my drum!

Read My Blog
http://sadsack.blogs.iva.co.uk/

[catullus]

Sadsack

One thing that isn't clear from your post is what your solicitor has actually advised. You mentioned that they were sending proxies out to the creditors, which Melanie commented upon that she didn't understand - and nor did I.

Is your solicitor making an offer to your creditors outside of the IVA, asking them to vote yes/no? Sounds like it but it's not very clear.

[Sadsack]

Hi

At my initial meeting with the solicitor he spoke about letters and proxies to be sent to the supervisor. Here is a part of the letter he sent me yesterday.

With regard to the way forward, it was agreed that I would draft a letter on your behalf to be sent to the Supervisor asking them to propose a variation to the terms of your IVA with a lump sum payment in full and final settlement and also draw their attention to the various mistakes on their part, particular when you were mislead. At the same time, I will also draft a letter which we would ask the Supervisor to circulate on your behalf to the creditors so that they can obtain a full appraisal of your financial circumstances and see the merits of this full and final settlement that is being proposed. I shall let you have drafts of these letters within the next day or so, assuming you remain happy for me to proceed on that basis.

Sue



Ho Hum! Think I'll bang my drum!

Read My Blog
http://sadsack.blogs.iva.co.uk/

[catullus]

Ah.

I think that the reference to sending a proxy to the supervisor is a bit of a red herring.

It sounds that he is writing to your Supervisor to explain the advantages of the variation which you are minded to make to your creditors and to ask the supervisor to support it.

It helps to have a lawyer on your side. That way you won't get fobbed off with lame reasons why your proposed variation wouldn't work.

Best of luck!!

[Adam Davies]

Hi
This is an interesting case and it will be very interesting to see how your IP responds having a solicitor involved.
It may be money well spent Sue
Regards

Andy Davie
IVA.co.uk Spokesperson

About me:
http://www.iva.co.uk/andy_davie_profile.asp

IVA Helpline: 0800 197 4838
http://www.iva.co.uk/iva_helpline.asp

[Sadsack]

Thanks everyone for all your support. Should this sorry tale come to a pleasant demise, I shall continue to post on this forum and support others as they have without fail, supported me.

Sue

Ho Hum! Think I'll bang my drum!

Read My Blog
http://sadsack.blogs.iva.co.uk/

[Sadsack]

As an addition and response to Andy, my sincere hope that by having a solicitor on board will make my IP/IVA comapny sit up a little straighter in their chairs!!

I have no doubt that paying for the solicitor is going to be tough, but I really believe it is going to be money well spent. Thankfully, I have a supportive partner who is going to fund this for me and all being well, I will pay them back.

Sue

Ho Hum! Think I'll bang my drum!

Read My Blog
http://sadsack.blogs.iva.co.uk/

[lily]

Sue

Just wanted to say, I really admire you for doing this, good luck with everything.

lily

[Sadsack]

Thanks Lil - being on this forum really gives one the insight to fight back!

Sue

Ho Hum! Think I'll bang my drum!

Read My Blog
http://sadsack.blogs.iva.co.uk/