I am currently using Bains & Ernst who compiled a case for IVA as we are in such a bad condition. The IVA failed we were told, so now we are on a debt management program which is being managed badly i would say. We can not afford more initial setup fees to get out of the current situation. We realy need an IVA so sort us out but Bains & Ernst are not willing to submit another one. Can you suggest any options for us before we go bankrupt, which we do not want to do.
Try another IP to see if they would be prepared to take your case on. When you say the IVA failed - do you mean that it was not accepted by creditors, or you failed to make the payments once it was in place.
Need to ascertain exactly what your details are about your debts and Income. Have a chat with another IP and tell him/her what went wrong and why you feel an IVA would work second time round.
Regards, David Mond, Insolvency Practitioner for over 46 years. Personal Insolvency Practitioner of the year 2012, Personal Insolvency Practitioner of the year finalist 2013 & 2014 awarded by Insolvency & Rescue Magazine and 2015 finalist for Personal Insolvency Firm of the Year.
Hi
The IVA failed because 2 creditors failed to agree the arrangement. Overall, me and my wife have almost 70k debt over 21 creditors. The value of the 2 creditors who failed us were 14.5k combined. The debt is a collection of lans, catalogues, store cards, credit cards and overdrafts. We are trying to contact creditors ourselves to try and stop interest and charges accumulating...but they will not deal with us and bains are so slow at reacting to creditors requests...if reacting AT ALL.
I thought only 75% in value of creditors had to agree so it would be passed. Unless my maths is wrong (and I know it isn't) £14,500 is less than 21% of £70,000.
When we came to this website a few days ago, we had been told that we would have to have our house repossessed to get an IVA agreed. Our only other option was bankruptcy.
After much support and advice from this forum, we rang Cleardebt and were offered a solution in minutes - a DMP and we can stay in our house.
It all depends on your individual circumstances so you need to speak to another IP to find the right solution for you. Try Melanie or David (Cleardebt).
Let us know how you get on.
"It's better to be in control on a small budget than to be out of control on a large budget."
angelc, I think the 75% relates to those that vote on the day. So for instance if the total of votes related to £50,000 of the debt then the no vite of £14,500 would be 29%. Does this make sense?
IVA.co.uk The best place for debt advice. Thanks to Melanie Giles, David Mond, David and J (Elv5) Kallis, Dand, Skippy, Andy Davie
That's right Paul, so the IP acting here ought to have tried to pull in more positive votes to dilute the impact of the rejecting creditors. We occasionally have to do this, but always exert maximum effort in this regard, as a rejection is thankfully very rare in my firm, and we all take it personally when it happens.
stevejb - thanks for that - maybe another try with another firm might be appropriate. As suggested please have a chat with anotherIP. Visit www.iva.com for reviews on recommended firms, their advice is free.
Let us know how you get on.
By the way ivas4us - you are spot on and that is probably what happened. If stevejb wishes to move forward his new chosen IP will have to chase up thos creditors who did not vote last time and in that way his case might be succesful second time round.
Regards, David Mond, Insolvency Practitioner for over 46 years. Personal Insolvency Practitioner of the year 2012, Personal Insolvency Practitioner of the year finalist 2013 & 2014 awarded by Insolvency & Rescue Magazine and 2015 finalist for Personal Insolvency Firm of the Year.
ivas4us wrote:
angelc, I think the 75% relates to those that vote on the day. So for instance if the total of votes related to £50,000 of the debt then the no vite of £14,500 would be 29%. Does this make sense?
Yes, this makes perfect sense. I thought I had read that if creditors didn't vote, it was taken that they agreed but I can see how their debt wouldn't be included in the calucation.
"It's better to be in control on a small budget than to be out of control on a large budget."
Steve Jb - if you email your detials to the email address shown I will
a) confirm exactly why your IVA was not successful and review if it is worth re-submitting. Please bear in mind however that we too realise that it is in everyones benefit to garner positive votes and that is what we do as standard.
b) Baines & Ernst have long standing reliable processes for managing DMPs - I will get them to double check your case.
There is no need for you to go to another company.
Just had a massive issue with B&E, basically boiled down to me looking at using them for a DMP which turned out to be a joke, they wanted 500£ upfront before they even started doing anything about my debt. I called them a week later and said i wouldn't be able to make that payment so they would have to wait a few weeks for me to get the cash together. low and behold 2 weeks later £75.00 goes out of my account and over to them totally unauthorised. I called them and asked them to explain why they had done it only to get some jumped up prat on the end of the phone telling me blah blah blah. Going to have to wait 30 days now to get it back through the bank.
I know this thread is old now but if you end up here while you are doing your checks of which companies to use i will put it plain and simply...
STAY AWAY FROM BAINES AND ERNST!!! ALL THE FORUM FLAMING THEY ARE GETTING IS TOTALLY JUSTIFIED!!!
Sorry you have had such a bad time with them. However they have had some positive posts on here in the past.
If you have problems with them then you should complain to them and I am sure that if you email the address above they will help you out I am sure.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
