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baldy

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Post by baldy » Mon Jul 28, 2014 5:01 pm
Just wanted to clear something up with regards to equity.

It states in our proposals that if we are unable to release any equity in month 54, then we would automatically pay another 12 months in lieu of this.

Does the IVA company then go back and ask the creditors if this is ok?

Because in my eyes and paper work this has already been agreed at the beginning of the IVA.

We are with "Step Change".

Just to add we are finding its starting to go so slow now as we feel that we are really getting close to the finishing line!!!!

Any tips for making it go faster!!!

Baldy
 
 

Michael Peoples

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Post by Michael Peoples » Mon Jul 28, 2014 5:19 pm
This sounds like the extension is automatic unless there is something in your Chairman's Report.
Michael Peoples | McCambridge Duffy Insolvency Practitioners
http://www.mccambridgeduffy.com
If you would like to talk to me about proposing an IVA or have any questions at all please visit www.mccambridgeduffy.com
 
 

Struzzo39

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Post by Struzzo39 » Mon Jul 28, 2014 7:21 pm
I can sympathise with you baldy. Our last year has been the hardest and longest of them all. Its really took it out of me one way or another. I know you shouldn't wish you time away but I cant wait till these iva days are a thing of the past
Steven & Debbie
 
 

baldy

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Post by baldy » Mon Jul 28, 2014 8:11 pm
Yeah Struzzo,this time of the year is pretty difficult with no sunshine holiday!!!

A sunshine holiday is gonna be first on the list!!

We do try to not think about it, but its the usual problems cars getting old and breaking down etc.

Michael: That's good news then for us! In fairness we were lucky in that we found this site before the start of our IVA and was seeing some of the issues people were having.
I know its been a bit of an issue this subject but what it says in our proposal is how it was sold to us.
We were told we probley would NOT be able to remortage and would end up doing the extra 12 months.

Im happy with that.

Thanks

Baldy
 
 

MelanieGiles

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Post by MelanieGiles » Mon Jul 28, 2014 9:14 pm
If your IVA was proposed in accordance with the IVA Protocol, then the extension is automatic and as you say this was agreed at the time of the original creditors meeting. If you are in any doubt, do check with your own IP.
Regards, Melanie Giles, Insolvency Practitioner
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