I offered a full and final payment in 2012 but not heard anything until today.

[Mick.99]

I offered a full and final payment to settle my IVA of 20p in the pound. I have the emails which show this and the correspondance from my IVA supervisor.This was back in 2012. ( the company went out of business, but the Director and staff set up again ) I stopped paying any money, but have not heard anything until today. They have now arranged a meeting with creditors either to accept the failure, petition for Bankruptcy or what I dont know. I will try to contact my IVA supervisor, but feel as though I have been let down. The last time the creditors voted was when I asked for a reduction in my payments, all abstained apart from one. If all abstain again apart from one, can I make them an offer ??
Thanks for your Help

[Michael Peoples]

Your IVA must be still live so there is nothing to stop you from making an offer. It does seem odd though that it has sat in limbo for a couple of years and creditors have said nothing. There should have been annual reports so you need to find out what has been going on.

[Lisa Thomas]

Hi Mick, As Michael says speak to your IP to get this sorted. Ask for copies of all reports to date then decide whether a complaint might be appropriate.

[Mick.99]

font size="1" face="Verdana, Arial, Helvetica">quote:<hr height="1" noshade>Originally posted by Lisa Thomas

Hi Mick, As Michael says speak to your IP to get this sorted. Ask for copies of all reports to date then decide whether a complaint might be appropriate.

Hi thanks for the reply. I will contact them on Monday. I forgot to say that my wife is in an IVA with the same company and from the same start date. So something has gone wrong. I know I should have chased it up, but I just kept letting it go on !! Who could I complain to and what benifit would I get from this ??

Thanks

[Mick.99]

font size="1" face="Verdana, Arial, Helvetica">quote:<hr height="1" noshade>Originally posted by Michael Peoples

Your IVA must be still live so there is nothing to stop you from making an offer. It does seem odd though that it has sat in limbo for a couple of years and creditors have said nothing. There should have been annual reports so you need to find out what has been going on.

Hi, Thanks for the reply. I know it is strange its gone on for so long. I suppose in a way I thought it may just go away. One thing I didn't mention was that my wife is in an IVA and from the same start date and with the same company, but She has matained payments from day one . If they vote against my offer and my IVA fails, is BR the next step ? or are there still options to talk with the creditors ??
Thanks Mick

[Michael Peoples]

Creditors normally accept full and final offers but if they reject it is more likely that the IVA will be failed. It is expensive to make someone bankrupt and most creditors do not ask for this to happen.

[Mick.99]

font size="1" face="Verdana, Arial, Helvetica">quote:<hr height="1" noshade>Originally posted by Michael Peoples

Creditors normally accept full and final offers but if they reject it is more likely that the IVA will be failed. It is expensive to make someone bankrupt and most creditors do not ask for this to happen.

My IVA is going to a vote from creditors to accept or reject my offer of a full and final payment. I know that only one of the creditors a Builders Supply Merchant, voted against me last time when I asked for a reduction in my monthly payments. None of the other creditors bothered to vote or reply. Do you think I should contact my other creditors and explain I have offered a full and final payment, in the hope they vote to accept and so the majority of votes may go with me ??

Thanks Mick

[Lisa Thomas]

Hi Mick - I wouldn't recommend it - this is something your IP should be doing. Ask them to keep you updated regarding the votes. They can always adjourn the meeting to chase a few creditors if they do not get enough votes needed to approve the variation. The creditors have to consider that if they reject your offer it could mean the end of the IVA and they may then struggle to get anything from you or may have to pay to Bankrupt you, which will be expensive and may still not lead to any dividend becoming available.