lucky as we had quite a good proposal to offer

[stella]

Just thought I would let you all know, have had our creditors meeting today but it has had to be adjourned till next Monday. Black Horse rejected me outright (nothing new there then!)but AmEx want an extra £50 per month off me and other stipulations. Barclaycard and Lloyds TSB voted yes to my husband but they did not vote for me. We are now hoping that they will now both vote in the affirmative as their votes are needed for me otherwise don't really know what to do. Is this normal? I have had enough now and feel totally and utterly worthless but then don't we all on here!! Hope everything went ok for all the others who had their meetings today, please let us know.

XX[:-(]

[freelili]

Hello stella

I am really sorry your meeting didnt go as you hoped it would. Please dont feel worthless, you are doing all you can. It's a setback but not the end, your IP will be trying his hardest for your IVA to go through. There have been many posts concerning adjournments. I feel for you, its such a roller coaster, but keep your head up, stay strong and keep fighting on. There are still many people out there in debt and not facing up to it, youre not one of them. Good luck

LILY

[stella]

Thanks for that Lily. I do read all the posts here all the time, as someone said its addictive. I am sitting here at work on my own as everyone seems to be off sick here today (why didn't I do that!). Will keep in touch with you all but I do think of you all. Shame some creditors don't realise why you got yourself in that situation in the first place and try to help. Oh well!! Speak soon.

XX

[Skippy]

Don't give up Stella - as Lily says it's not the end. I'll keep my fingers crossed for you next Monday, and one thing I would say is make sure you are comfortable with any modifications before you agree to them.

Good luck x

Onwards and upwards!!!

[MelanieGiles]

Hi Stella

Lloyds TSB used a very professional firm of accountants called KPMG to do all of their voting at creditors meetings. I am sure that your IP is probably chasing those missing votes from them as we speak, so I would have thought you will be OK one week from today.

Try not to worry - it is in the safe hands of your IP! And do make sure that you can really afford that extra £50 per month before you commit to it.

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

[princessb]

Hi Stella,

Try not to worry, like somebody once said to me worrying is the most useless emotion ever! Not that is stops us doing it though. Hope it all goes well for you, hold your head up high.

[stella]

Hi Melanie

Thanks for that, hope it goes my way!. V strange why they voted for my husband and not me, perhaps you could shed some light on that?

Thanks

Stella XX

[stella]

Hi Melanie

Thanks for that, hope it goes my way!. V strange why they voted for my husband and not me, perhaps you could shed some light on that?

Thanks

Stella XX

[MelanieGiles]

KPMG seem to have a policy that they will only vote if they hold votes representing more than 25% of the overall debts. Perhaps this was the case with your IVA?

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

[stella]

Hi Melanie

No Lloyds TSB (credit card - mine) don't have more than 25% but then they didn't on my husband's either(Lloyds TSB direct loan). Perhaps I am missing something. My IP never said that about the 25% thing but she is chasing up the vote anyway. If they don't vote, what happens then?

Thanks XX

[MelanieGiles]

Seems odd - but then the voting marketplace is a bit congested at the moment. If Lloyds do not vote then your IP will need to try and get votes from elsewhere in order to outvote Black Horse.

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

[stella]

Thanks Melanie,

Black Horse have already rejected (separate loan) but as said before Lloyds TSB voted yes for my husband's loan (not Black Horse) and didn't vote at all for my credit card. Perhaps you can make sense out of it. I am sorry but it's not a good day for me!!

Barclaycard voted yes for my husband but they did not vote for me so more confusion. I only need both these two to vote so that we can outvote AmEx and their stipulations.

XX

[stella]

Evening Melanie and all.

Melanie, just wondered if you had any further thoughts on my last post if you get a mo? Might help me to stop thinking about it all night.

Thanks v much.

xx

[MelanieGiles]

Hi Stella - sorry for delay.

It is very well known in our marketplace that Black Horse reject IVAs most of the time, and your IP should have been aware of this.

I am sure that your IP will get Lloyds to vote in your case, she just needs to work a bit harder to get the vote. Just because Lloyds and Black Horse have the same owners, they very much vote independently of each other so don't worry on that score.

Again, your IP should be trying to secure a Barclaycard vote for you, and I am sure that she is doing her best as she will lose money if your IVA is not eventually accepted.

Take comfort that most IVAs are still being accepted by creditors, although it is getting a lot tougher.

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

[Help-Is-Here]

Hi Stella, I have worked for two reputable IVA companies and I have just been asked to join a new "debt collection" department within black horse. The Idea will be that I will be dealing with IVA votes. I know from experience that they hardly ever vote, same for KPMG as I am sure you have experience of Melanie!!! But hopefully, with any luck, I will be able to work my magic and get them voting for acceptance...when appropriate of course!!
Your IP(or her staff....)should be working as hard as they can to get the votes in...I know that when we don;t get a barclaycard vote we give them a quick ring and just point out how much better an IVA is for their dividend than a bankruptcy(which it is otherwise you wouldn't be entering into an IVA!)Don't let it go, do keep in constant contact with them but trust them, they will(hopefully!)be doing everything they can to secure the votes!

I wish you the best of look!

Oh and Melanie is right, You need to be 100% sure you can afford the extra £50 a month. It might not seem like much but when you need that extra £50 and can't make your payment you are getting into a bad habit and miss more than three payments and you may well breach your IVA. If you can't afford it, SAY SO!

Once again, the best of luck xx