Rejection

[baz36]

Currently in IVA since March 07. Went in for a variation meeting (ip put together a great proposal) the problem being weve been paying £289 per month and it was due to go up to £455 once our youngest started school which we thought would be september this year)therefore the nursery fees we are paying now would stop and we could afford larger payments)

Anyway we found out that it wouldnt be september this year and because his 4th birthday falls after the Jan 08 intake it wouldnt be until September 2008, therefore we need that extra to carry on putting him in nursery whilst we carry on working.

so Ip put great proprosal together saying we wouldcontinue paying £289 until sept 08 then pay £455 BUT extending the payment time, therefore it was pointed out to creditors that they would still get the same amount payed back to them. They were also told that we were all up to date with our payments and have no arrears.

The meeting was today at 2pm, i rung our company who told us it had been rejected, and that they would be ringing creditors and asking why it was rejected and we would get a call back by the end of the week to discuss what they can do to help us.

iam totally mortified, i really thought they would accept, what on earth happens now. All i can think of is that my husband does overtime to cover the extra £160 per month.

Any advice much appreciated, feel sick with worry now.

[:(]

[Oliver]

I'm very sorry to hear about that. I think the best thing you can do is wait for the explaination and see what your IP reccomends as the next course of action.

Please keep us updated.

Best Regards
Oliver

Thomas Charles and Co Ltd.
Experts in personal debt solutions.
Read customer feedback at: www.thomascharles.com/about_us.asp

[Adam Davies]

Hi
Well how silly is that ??
Please let us know what your IP has to say because it is in no ones interest to see your IVA fail.I would love to hear a creditors reasons for rejecting it.
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

[Adam Davies]

Hi
Just to add that this is a prime example of where we need IPs to have the authority to agree changes in an IVA,like this,without referring to creditors.
Whoever has said no to this variation needs naming and shaming due to the upset and uncertainty that they have now put these people in.
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

[baz36]

thank you for that andy, i just hope they get in contact soon and dont leave me hanging on. perhaps i should phone my IP again tomorrow, what do you think?

[Adam Davies]

Hi
Definitely,your IP should be able to get a reason from the creditor[s] involved.
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

[iva_squirrel]

Im so sorry to hear your proposal was rejected. I hope they contact you soon with a reasonable explanation.

Regards,
Michelle P.

[aguise]

Hi Baz
I does seem strange that they would get the same amount just over a slightly longer period of time, as Andy says the IP should be able to make the decision as long as they would not get less whats the difference. My proposal states the amount going back to creditors and that the agreement should last for no more than 72 months so surely if you are paying the said amount over that period it should cause no problem, apart from that you have a genuine reason for asking, would they rather the iva fail because you cant afford child care and stop work, and you go bankrupt. No sense in it at all.
Hope it goes a little better when you hear and the credtors see sense.

Ang

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

[catullus]

This really is daft.

The only justification that I could think of is if there was a "no variation" mod but, even then,that's only an excuse, not really a justification for such a vote.

[MelanieGiles]

A nonsense - and your IP is sure to get this amended with some effort.

I do not put forward many variation meetings but rarely if ever have received rejection votes. I wonder if this is another area under review by creditors generally?

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

[baz36]

well the explaination is as follows:-

RBS (mint) which we owed about £5000 out of the £57,000 rejected saying that we should have known from the beginning when he was to start school......

[baz36]

are variation meetings the same as the initial creditors meeting to accept IVA, if 75% accept then others have to follow?

RBS was such a small part of our debt< apparantly the outcome is on its way to us and we will see the votes on there.....

[aguise]

That is still daft Baz. I know its a few years ago but the school told me my son would be starting in sept and then changed their mind and said they would start the ten youngest at easter. You dont always know and even if you made a mistake it was an honest one and doesnt change the fact that you need the variation. If they were getting less you could maybe understand, but you are going to make it up whats the difference.

Ang

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

[MelanieGiles]

Why is your IP giving up on this when the rejecting creditor only has 10% of the vote? There are £52k of other creditors to chase here and they ought to be doing this for you - which they probably are!

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

[baz36]

hi just spoke to IP again. Apparantly only RBS voted so therefore they are 100%. apparantly they have chased the others, but they said they cant force them to vote. They agree its stupid as were wernt asking for lower payments or anything, they were still getting the same dividend just over a longer period of time!!!