my variation meeting coming up soon my 3 main creditors are
The Insolvency Exchange have 55%
Max Recovery 24%, HMRC 15% and 2 others
are they normally in favour also they will only be getting about 5p in the pound
font size="1" face="Verdana, Arial, Helvetica">quote:<hr height="1" noshade>Originally posted by Lisa Thomas
Also may depend on reasons for the variation, whether you've been fully cooperative and what the difference is to the original estimated dividend.
equity clause is the reason,never missed payment had increase in 3rd year and sent all papers asked for
start of iva estimate was 25p in £ most of this was from remortgage reason for big drop
I thought the variation would be approved on the % of voters, not on the percentage of debt owed i.e. If 3 out of 4 creditors vote yes and 1 votes no, that would equate to 75% voting for and 25% voting against?
There's more to life than money....but it does help!!
64 payments made. Full and final with payments made to date accepted on 26/05/15 completion certificate received 17/06/15
Hi Steven. It's 75% in value, of those voting, that need to approve it so you have to take into account how much each creditor that votes is owed. It's not just the % of creditors.
It is a big drop and shows the problem with promising equity that is not available. Hopefully creditors accept although I expect HMRC to reject. The others will have enough to outvote that rejection though so fingers crossed.
If creditors do reject you could consider contacting Shaun Vickery who is an expert here and has access to funds for secured loans. This would improve the dividend if you qualified but hopefully creditors accept and it is not an issue.
Thanks Michael
Why do they put the promise of equity at 54 months when they no there is no chance of a remortgage and they will just get 12 extra months.
The reason they put it in is that, during the 5 years an IVA normally runs, the mortgage and property market can change drastically and mortgages might become available -- as they once were.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
font size="1" face="Verdana, Arial, Helvetica">quote:<hr height="1" noshade>Originally posted by Foggy
The reason they put it in is that, during the 5 years an IVA normally runs, the mortgage and property market can change drastically and mortgages might become available -- as they once were.
But seeing as the banks basically run the IVA system, and the mortgage system they know this is not the case.. usually from day 1
We have had IVAs for less than a penny in the pound and I am currently looking at one that will return 0.0025p in the £. The main creditor has indicated they will consider the proposal favourably which helps as they are owed over 70 million pounds].
This is quite rare but we regularly do IVAs at less than 5p in the £ and most are accepted.
Hi The Banks do not run the IVAs and have no control over them. At the start of a 5 year IVA there may be little or no equity but by the end not only may the market have changed but you will have been chipping away at the balance for 5 years which could result in equity being created. It's a clause you couldn't leave out as it wouldn't be fair to creditors for debtors to keep their houses with equity with a contribution of some kind towards it (if available). I agree with Michael - We have had an IVA go through for 1penny in the £.
completion certificate received 17/06/15 
