paper work for iva

[ray72]

i am entering into an iva and sent all the papers back to my nomanee i got a letter from him saying that a creditors meeting has been set up in london in 2 weeks time and that he has sent all paperwork to my local court, why does the paper work go to the courts and do they attend the iva creditors meeting

[Oliver]

An IVA is a legally binding agreement and hence there is some court involvement in the process. No one from the court will necessarily have to be present at the meeting. If the IVA wasn't legally binding then your creditors could continue charging interest and late payment charges and could renege on the agreement at any time.

You can access Video Clips giving additional information about IVAs at:
http://www.thomascharles.com/interview_ ... an_iva.asp

If you would like more information about IVAs, other debt solutions, or just want to arrange an informal chat, please visit us at www.thomascharles.com.

Best Regards
James Falla
www.thomascharles.com

[neverending]

Hi
All this is just standard procedure and none of your creditors will attend the meeting.It is all done by post.
Good Luck

[ray72]

my ip says that i must be on the end of the phone at the time of my creditors meeting if none of my creditors go to the meeting and it is all done by post then why is it paramount that i am near the phone on the day of the meeting,

[Oliver]

It's not quite true to say that none of the creditors ever attend the meeting although this is a rarity. Probably about 1 in a 100 times a meeting will actually take place and due to this you will be required to either be free to attend on that date or be available on the phone.

You can access Video Clips giving additional information about IVAs at:
http://www.thomascharles.com/interview_ ... an_iva.asp

If you would like more information about IVAs, other debt solutions, or just want to arrange an informal chat, please visit us at www.thomascharles.com.

Best Regards
Oliver
www.thomascharles.com

[neverending]

I would question the accuracy of your answer Oliver.
Do not alarm people,it is VERY rare that creditors attend and they would only do this for very high value IVA,s.
Ray,rest assured yours will be all done via post and I bet that you will not be contacted on the day.
Let me know
Regards

[spenmotherhen]

Hi Ray72
I have recently started an IVA and I was told to stay by the phione incase there were any queries that could be sorted out during the meeting rather than after preventing things dragging on for longer. However never heard a thing and all is good.
Spenmotherhen

[ray72]

ok neverending i will let you know if i am contacted, you say high value is £60,000 high value, spenmotherhen glad your sorted on your iva, a very stressfull time,dont you think, yes i know its all my own fault but like lots of others fell off the cliffe, long climb back up but with people on this forum willing to help i WILL make it, thank you all

[batawi3]

Ray, dont worry about it, I was contacted during the meeting, not because any of the creditors were present but because their representatives had some modifications and they needed my approval. Good luck, I was in the same boat with debts of 30k and I know that I got myself into it so I believe we have learnt a lesson on how to manage our finances. I for one have definitely learnt a lesson! Keep the forum posted when your IVA goes through

Batawi3

[neverending]

Ray
60K is not high and Lloyds or barclaycard [for example]are not going to send a representative to an accountants office to discuss your debts .It will all be done by post and any amendments requested this way.
Yes you need to be contactable but do not vision many suits from many companies sitting round a table discussing your case,it just does not happen.[Maybe 1 in 1000]
Regards

[ray72]

thanks neverending your info is brill, just one last question, what are the odds on their not being enough votes by the creditors, as it scares me to think i wont be accepted,

[neverending]

Ray
There is always a chance that not enough votes will be received and that it will be adjourned.If this happens just keep on at your IP,they have a huge financial incentive to get your IVA approved.So many more people are going down the IVA route and this is causing creditors to struggle with the workload so don,t worry too much if it does get adjourned,it will most likely be because they have not had time to rewiew your case.
Hang in there and you will get the desired result.
Regards

[Oliver]

Neverending I think that you have misread my post. I clearly stated that only 1 in 100 creditors meetings will actually take place. I do not believe this information to be alarmist and intended only to give a realistic and honest appraisal.

You can access Video Clips giving additional information about IVAs at:
http://www.thomascharles.com/interview_ ... an_iva.asp

If you would like more information about IVAs, other debt solutions, or just want to arrange an informal chat, please visit us at www.thomascharles.com.

Best Regards
Oliver
www.thomascharles.com

[neverending]

Oliver.
I did not misread your quote,I questioned its accuracy.In your companies experience of arranging IVAs you are stating that one in 100 on average are attended by the creditors.I find this extremely unlikely to happen in most,and I mean nearly all ,the IVAs put forward.I think that Joe Public needs to know that this "event" is extremely rare and could alarm most people.
Unless you are going to produce some actual facts ??

[Dominic]

wow 60K is not considered a high value?

Makes my 44K feel nominal