Section 26 of the Insolvency Act

[ray_a]

Hi Debbie

Basically as I see this, it is a business problem that has come to light and might not have been known about when the IVA was set up.

Given and we touched on this a few weeks ago IVA's were introduced to assist the business world i find it hard to see why an IP could not have been helpful especially as you were keeping the IVA payments going. The advice to stop was poor advice unless you were able to clear the IVA.

Given your position of being able to make a full and final settlement to your creditors must be something that they would want to consider given your record.

I have to say I feel for you as I was going through a horrific time last year and had not found this site. I managed to get some advice and from a few Mortgage brokers dealing with IVA's and was told that an IP can not stop you from talking to your creditors.

The experts might have some better ideas which I am sure they do but I would have thought that perhaps you should approach the creditors directly if the IP is going to fail the IVA.

When I looked at the question of my statutory interest earlier in the year I did consider the legislation and considered whether to approach the court. After considering the position of variation which Melanie and others had advised I went for that option. Surely this approach could be used to try and adjust the IVA in order to make the variation.

As i said at Reading I had spoken to the ICAEW about the role of IP's and they were worried about some of their conduct. I think this is something that should be done as a last resort as if your attempt fails you are in serious trouble.

I think if I was in your position I would write to your IP asking for a variation to be made informing them of the change, and then proposing a final offer.

If the creditors want a further adjustment then the meeting can be adjourned and take counsel to put a further offer.

On a personal note i have to say i know just how you must be feeling and I hope that I have tried to help!

Good Luck and keep in touch

Ray

[Soulgrowth]

Just to let you all know that I received a telephone call yesterday from McCambridge Duffy. I was 'interviewed' by the 'secretary' and then had to wait in the ante-chamber (i.e be put on hold) to wait in line to speak to my IP.

... Whom, I have to say, was excellent and very positive, knew immediately the legalities of the situation (i.e the Landlord on a point of law can claim up to a years lease payments but now more and because of certain legalities is unlikely to once the IP has got involved for some reason) ... asked for all the details so that they can get in touch with the Landlord and tie up the settlement figure on my lease car and bring it into the 'pot' to my creditors ... was completely on the ball, knew her job etc. etc.

My only query is WHY has it taken since MAY when this situation first arose plus a lot of stress and anxiety and sorting out on my part for this to happen?

... And I suspect that this has only come about because the lovely Melanie has had a word in an ear somewhere ... thank you so much as ever Melanie.

The 'closed shop' approach will continue to concerne me for other less informed people than myself ... particularly those who haven't yet discovered this wonderful forum.

... but at least 2008 is starting to look a bit brighter and we may have a date set for a variation meeting in January

Best to all

Debbie

www.familyceremonies.co.uk

www.soulgrowth.co.uk

[MelanieGiles]

Oh I am so pleased that you have a way forward with this. I used to work with Emma, and she is a very good IP. There may have been clear communication issues here, but at least you now have a point of contact and perhaps a variation at the end.



Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

To have me propose an IVA for you, please visit:
http://www.melaniegiles.com/ivaEnquiry.asp

See customer feedback at:
http://www.iva.com/iva_companies/IVA_Advice_Bureau.asp

[ray_a]

I suspect this forum is read by a lot of IP's and most probably when they read our posts and see the counter arguments building up they realise they have to come into line.

This must be a good sign for this forum and will assist people who have serious problems to come on and discuss the various options available!

Anyway fingers crossed for the variation meeting!

[Adam Davies]

Hi
Thanks to Mel and the forum but as Debbie rightly states it is a pity that she has had to wait so long.
Communication,communication and more communication please.
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

[Soulgrowth]

I hope that the more seasoned amongst us as this Forum continues to grow from strength to strength will be able to share and advise on the basis of our own experiences ... I know we do already ... but you know what I mean

Debbie

www.familyceremonies.co.uk

www.soulgrowth.co.uk