Many thanks Michael.

Yes I mean family members. We owe my brother in-law ~150K and 2 other family members 5k

Hi Melanie - thanks for getting back. Not sure what the issue is. The IP said that the bank 'feels there is more money to be had'. But as we have explained to the IP there really is not as we owe so much to indivduals. To be honest it feels like that the IP has reached the end of the road with us an...

Hi Melanie - I was on this forum earlier in the month too. My IP is McCambridge Duffy.

IVA Rejected. Urgent Advice needed Again. The IVA which my husband and I were hoping to enter was rejected 12-Aug. In summary we have a property portfolio which unfortunately has gone very toxic.Amount owed on property = £750K, Value today = £330K, C Card Debt = £40K, Loan from relative = £147K ...

Just a follow up on what’s been happening? The IVA proposal was rejected. In addition to the proceeds from the sale of the marital home estimated to be £44K the bank wanted an extra £21K to close out a FF sum agreement. We are already in a lot of debt to our close relatives - £147K to one imparticul...

Thanks everyone - will let you know how we get on. Still considering our options

Thanks for feedback. McCambridge/Duffy. We had our meeting and we are looking at other options which I will share when my husband and I have discussed further this evening. The bank re-valued our property at a lower value than we had submitted. So the shortfalls were greater. To avoid bankruptcy we ...

Thanks to everyone for their input. I will let you know how I got on. FYI we are based in Northern Ireland and have properties here and in the Rep of Ireland

thanks Tina

Thanks Lem for your feedback. This is just a terrible time for my family and I. I am so worried. But the meeting tomorrow should help one way or the other.

This is what I am trying to get to the bottom of - I was told the bank (because the loans were secured) would not be voting. The voting would be driven by the main creditor whio is my relative and who has decided to defer his claim in favour of the other unsecured creditors. If this is correct then ...

font size="1" face="Verdana, Arial, Helvetica">quote:<hr height="1" noshade> Originally posted by lem I would imagine though that what you are asking of your mortgage provider is to turn the secured lending into unsecured, therefore they then get voting rights. If you were keeping all your properti...

We felt that bankruptcy was the the last course of action. The IVA FF was the most attractive for obvious reasons (no publicity etc) and our IP seemed to think it was a reasonable possibility. I guess my question to the forum is : how does the voting work at the creditors meeting - how much influenc...

font size="1" face="Verdana, Arial, Helvetica">quote:<hr height="1" noshade> Originally posted by lem Hi and welcome and I'm sorry to hear about your situation, what I would ask though is why you didn't consider bankruptcy on that level of debt? Especially as you are not trying to protect your fami...