Hello again
Ff paperwork is been posted out today, have asked for bankruptcy clause to be removed but been told that creditors can ask for it to be put back in
Is this correct?
Thanks in advance
Not strictly. It is YOUR variation offer, not theirs, or Payplan's. YOU can put in it whatever you wish. The creditors then can say yes or no. If they are going to agree to the offer there is no point in having it. If they are going to refuse, you don't want to give them the option and thay cannot ask for it.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
vaughan wrote:So can I clarify creditors cannot ask for the bankruptcy clause?
So wonder why I have been told that they can also been told need supervisor to agree to remove bankruptcy clause
Payplan are a law unto themselves. The IP is obliged to present YOUR offer in YOUR terms ... now, if he / she is being stuffy they can scupper your chances by simply saying in their presentation that they do not recommend acceptance !
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
Payplan cannot ask for this to go back in! Just tell them to remove it and they will. Don't let them bully you!!
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
If you are offering a full and final settlement then creditors can either accept this or let the IVA run its course. Unless you are in breach they cannot just ask for you to be made bankrupt because you tried to offer an early settlement!
Hi again
Documents emailed to me and posted can't see bankruptcy clause but a page called schedule of estimated outcomes which is bankruptcy and iva comparing one against other ie bankruptcy 33% iva 85% estimated dividend to creditors sorry to sound thick but is this OK in documents
Thanks again
vaughan wrote:Hi again
Documents emailed to me and posted can't see bankruptcy clause but a page called schedule of estimated outcomes which is bankruptcy and iva comparing one against other ie bankruptcy 33% iva 85% estimated dividend to creditors sorry to sound thick but is this OK in documents
Thanks again
They usually put a comparison which often, as in this case, highlights the advantage of the IVA over bankruptcy, when proposing an IVA initially -- but I see no reason why they should do this here. The IVA has already been accepted and bankruptcy has no further consideration. The only estimated outcomes to consider should be F&F vs. IVA running as previously agreed .... these are the options you are proposing.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
