Proposal

[caraf]

Hi
Our proposal went back on Wednesday by Special Delivery so they should have received it yesterday (Thursday 6th Dec) what happens now ?? does the whole of the proposal go to the creditors ?? just interested to know what get etc.. and what happends next

[debbiw]

I think the proposal will go out to all your creditors, for them to make a decision prior to your meeting. You just have to wait now until your meeting.

[iva experts]

Hi Caraf, do you have a creditors meeting date as yet? If not I believe that this can be done once your final proposal has been received.

Im not 100% sure that the entire proposal does go to the creditors, maybe Melanie can confirm this. [:D]

Best Regards,
IVA Experts
http://www.iva-experts.co.uk/

[emma_t]

Hi caraf
I think it will be sent to creditors and they will vote (by fax or post) in time for you creditors meeting and you will find out the outcome then.
I believe the acceptance rate for iva's is around 80% which I found very encouraging as the vast majority are accepted.
If you get any modifications requested by any creditors you will go through them and agree or disagree with them, but don't feel rushed on the day into agreeing anything - if you need time to think you get 14 days from your creditors meeting date.
Good luck

[caraf]

Hi
I Think my meeting is 27th December, not a very nice time !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
If the crediors request modifications and these are simple ones etc.. are they discuused and maybe agreed on the day

[cr15py]

I believe so caraf, I think what emma says is that you can agree them there and then or you can have up to 14 days to consider them.

[caraf]

cheers, thank you once again !

[The Lawyer]

Caraf, Hi, so many questions. Perhaps you should talk to your case officer at Clearstart or maybe someone in the meetings team. They will be able to put your mind at rest for all these questions, and allow you to have a little piece. They are the best people to talk to as they know your case in full. They are on your side, and have a vested interest in getting you approved on the terms you can afford.

[jpj]

Just remember the IVA is a fine balance between what you want and what your creditors want! whilst you have to be comfortable with the outcome,You dont always get to pick and choose only the bits you like, and sometimes you have to agree to the odd thing that you would not particularily want in the IVA...at the end of the day the question you have to ask yourself is what other options do i actually have other than to agree??!

[cr15py]

I suppose the IVA is a bit of a halfway house between paying your creditors in accordance with their terms (be it minimum balance, full balance, or somewhere in between) and bankruptcy.

But yeah, the IVA is give-and-take, you offer what your personal committments will allow, and the creditors try to negotiate a bit more, at the end of the arbitration there is (hopefully!) a solution which is amicable to both sides.

[debbiw]

Cr15y, Do you know when your meeting is yet?

[cr15py]

My IP is off sick at the moment, she is expecting to be back on Tuesday, so I am ringing her then to find out. I did get a call from one of the team to see if I needed it sorting out sooner, but as she knows the case personally I said it could wait until Tuesday, so I should find out then.

[emma_t]

Yes Caraf if you agree to any modififcations you can get it all sorted out on the day of the meeting.
I had a few modifications, some were for my IP so didn't really involve me and others seemed to be fairly standard ones and I had to pay some extra money each month.
I agreed to mine on the day, but if you feel you need time to consider them remember you have the 14 days to think about it.
It is a funny time for a meeting, its a shame you couldn't have got things done before Christmas but I think it must be a very busy time for IP's at the moment.
Hopefully you will get it all done on the 27th and be able to have a cracking New Year.[:D]
Emma x