I have asked for my IVA payments to be reduced. This was proposed to all the creditors, only one company voted and this was against the reduced payments. I now have an option to pay outstanding payments of 2k and carry on with my original payments or the IVA fails !! We have about 15-20k equity in our home ( my wife is in an IVA ) Is bankruptcy an option ? my son says he will take out a loan and offer a one off payment to creditors ! if we do this, what sort of penny in the pound would the creditors normally settle for ?? Thanks
Why didn't your IP canvas more creditors to obtain more votes? What percentage of the aggregate creditor balances does this creditor represent? And why did this creditor rejected your offer and on what grounds?
font size="1" face="Verdana, Arial, Helvetica">quote:<hr height="1" noshade>Originally posted by MelanieGiles
Why didn't your IP canvas more creditors to obtain more votes? What percentage of the aggregate creditor balances does this creditor represent? And why did this creditor rejected your offer and on what grounds?
I dont know why they didnt canvas more creditors, I presume thats up to them ( Unique debt solutions ) I dont have the paperwork with me ( the bank are looking at them ) but I would say this creditor has about 10% of the debt. I have no reason why they rejected the offer, it was just a letter from my advisor to say it had been rejected !! My original payment was £450 per month and when my advisor looked at my new income, she suggested £225 per month was a more reasonible figure.
Then further chasing of your creditors should have occured and I think you need to establish why this did not happen. Variations do require a 75% majority voting in favour, but I would certainly not let somethinf fail simply because one minority creditors might be the only one to actually vote. The meeting of creditors can be adjourned for up to 14 days to allow additional chasing of outstanding votes to take place.
font size="1" face="Verdana, Arial, Helvetica">quote:<hr height="1" noshade>Originally posted by MelanieGiles
Then further chasing of your creditors should have occured and I think you need to establish why this did not happen. Variations do require a 75% majority voting in favour, but I would certainly not let somethinf fail simply because one minority creditors might be the only one to actually vote. The meeting of creditors can be adjourned for up to 14 days to allow additional chasing of outstanding votes to take place.
I have had a response from IP ! It is not best practice to canvas creditors for votes, its up to them whether they vote or not. The original meeting was adjourned due to no votes, so all creditors had more than enough time to vote, if they have wished to !! BBS were the only creditor to vote, so they represented 100% of voting creditors, however they represent 13.44% of the creditors who have submitted a claim in the IVA. They did not provide a reason for rejecting my variation and are not required to do so !!
As you remain in breach of your arrangement it is now in the process to commence failure proceedings, however we are aware that you may propose a full and final offer ( My son said he would take out a loan to offer a lump sum, equating to 20p in the pound ) but this offer will be up to the creditors to accept, so please make sure you provide as much detailas you can in regards to your offer and the reasons behind it.
I have asked them to offer advice, if the creditors refuse the offer, what options have I got ? if bankruptcy what are the possible outcomes, due to the lack of equity in my property.
