Good luck today. Will be thinking about you and keeping my fingers crossed for a positive outcome and also an early phone call to tell you the good news.
PJG Recovery have a free online advice channel at www.debtadvicetv.com. If you are ready to ask us for specific advice or help, then get in touch at www.pjgrecovery.com/contact-us.asp . I look forward to speaking to you.
I am still waiting patiently, i did phone up at 12:30 to see if the meeting had finished and was advised that i would receive a reply today as the IP could be sorting out the paperwork and any questions from creditors.
I am just worried it will be declined or adjourned I have been waiting patiently all day, well as patient as one can be.
Well i phoned Freeman Jones and spoke to someone who then spoke to my relationship manager saying that there is an issue with some paperwork and they cannot get hold of the creditors to vote. So they have to adjourn the meeting for another week.
I am really angry as this is the same situation as last year where i had to wait for 2 weeks after my initial creditors meeting for them to turn round and decline the offer.
How can creditors who have had 30 days notice wait until the creditors meeting to query some paperwork and then not vote!! I appreciate that they want to get the best return possible but i put in my full and final request in April and now i have to wait longer.
Sorry i have no faith in the whole process. Sometimes i wish going bankrupt might have been a better option.
just goes to show that being in the money game does not make you any brighter than your common or garden debtor.if they were paid by performance then they would prob be here on this side of the fence.
cc received 6th January 2014 now upwards and onwards
A lot of creditors do not vote on variation proposals, but it is quite unusual to not receive any votes at all. If this is the case, your IP has done the right thing and it is not their fault that they have been faced with this situation today.
Well today is a new day and i have a more positive outlook, at least the creditors did not reject my full and final proposal and just have to wait 1 more week. 1 week is nothing compared to the 3 and a half years i have been in an IVA so far.
I totally understand your comment Melanie and yesterday i was more upset for not hearing the news i wanted after waiting around all day. I just hope that my creditors decide to vote next week.
I do have a question and if the creditors don't vote next week am i right in thinking that the meeting can only be adjourned once more?
If we get to a 2nd creditors meeting and no votes are received will this mean a rejection or acceptance to the full and final proposal?
Whatever the outcome at least i know by March 2015 i will be debt free so only 18 more payments to go if this rejected.
This really is a frustrating situation and we can appreciate your concerns. Rest assured we'll be doing all we can to have a resolution for you at the end of the adjournment.
In the meantime if there's anything we can do, or if you'd like to speak to us, then please feel free to email me at Steve.hewitt@freemanjones.com.
Thank you
Steven Hewitt - a member of the team at Freeman Jones
Sorry u never got ur good news yesterday but as you said its not over yet. Hope u can put it at the back of your mind for a few days and ill be routing for you at the next meeting.
To answer your specific questions - the meeting of creditors can be adjourned as many times as necessary up until the 14th day following the first meeting. If there are no votes on the day, then the IVA will continue in its present format, as the variation will be deemed to have not been accepted.
Am sure all will go well for you at the end of the day - fingers crossed from here!
Just a thought Neil...you have not included the costs of the IVA and Fees to your IP within your figures...
How much are you being charged in fees and will your IP be wanting to take 15% or similar from your F&F figure as well?
Like you I find this all confusing and I work in the Financial Industry! so god knows how anyone else can understand what is a very complex financial agreement with very complex transactions and rules contained within an IVA....
Do you have to 'pay-in' this F&F payment to your IVA and is this 'safe' to give back to your kind family member if F&F is not agreed? Would they not be looking to get 100p in the £ if they can by continuing with your IVA on the chance your situation changes i.e. earn more money, cash windfall....
Just a few thoughts running through my mind in a similar position...
Hi Mark. Fees should not be the concern of the debtor in an IVA -- these are agreed between your Supervisor and creditors ( and will be detailed in your paperwork). Any F&F offer is based solely upon the current monthly payment multiplied by the months outstanding as the base line. Yes, fees will come out of this figure -- but the creditors are already aware of this.
Some IP's ask for the F&F offer amount to be paid over prior to the meeting, but most will wait for the payment post meeting ( usually within 28 days).
Any F&T amount gifted by a third party should be offered on the strict understanding that the monies are for the purposes of a F& F only and, should the offer be rejected, will be retained by / returned to the donor.
Yes, the creditors would obviously prefer 100p in the pound, but accept that this is unlikely and agree to whatever the estimated dividend is referred to in the agreement. When considering a F&F they will have regard to the likelyhood of the agreement surviving the term as well as the advantages to them in getting an amount in a lump sum, rather than in dribs and drabs, as well as being able to write the toxic debt from their books earlier.
Finally ... there is a good chance that the debt would have been sold on to a collections company for pence in the pound and an instant return in excess of what they paid will be looked upon favourably.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
