I think though,because our I&E shows we can no longer pay into an IVA they have to show that although we are not offering a lot t-that it ios still better than making us bankrupt. They have made it look better for them to accept the offer but I am just not sure it looks realistic. I thought it would cost them a lot...I was thinking more lIke 1k but find it hard to believe it would cost them 15k. It works in our favour but I'm just stressing that they won't believe those figures and if it only costs them 1k then bankruptcy would be better.
Seriously - they are unlikely to make you bankrupt but you should chase it up with them as it should not have taken this long.
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
It isn't the BR clause being talked about here Kallis --- this is the comparison, trying to convince the creditors that they will get more by accepting the offer, in the same way as they do when starting an IVA. As for the figures quoted, Bex, I assume the creditors rely on what they are told by the expert, i.e the IP. Basically, in BR, they have to pay the court fees if they bankrupt you .. they also have to pay the ORs fees for administering the bankruptcy -- it is a costly option.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
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
So after a very long wait we had our variation meeting last week. We received a call saying our offer had been accepted and that we would receive a completion certificate in 3-6 months but that a copy of the chairmans report would be sent out in the next few days. I can't tell you the relief me and my husband felt at that point. It was unbelievable,we were finally able to try and move forward.
But then literally 5-1 0minutes later we received another call in which we were told sorry about the mistake...our offer was rejected after all. Apparently they thought all the votes were in but they weren't. I couldn't believe this was happening. I still can't and I'm devastated. Even more so because I had taken that sigh of relief and allowed myself to believe the nightmare was over.
So now my sister has stepped in to say she can manage slightly more than she originally offered but is literally scraping it together in one last desperate attempt to help. I don't think they will accept but we have to try.
I just can't believe this was allowed to happen though. It feels so cruel.
How awful for you! Are they going to try and get some more votes in? You can usually have the meeting adjourned for up to 14 days.
s
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
Yes meeting with our offer of the extra funds arranged for next week as final attempt to persuade creditor who voted no. Unfortunately they hold more than half of our total debt so would definitely need them on board to have f&f accepted. Just acn't believe they could tell us yes until they were 100% sure.
I would ask for details of exactly when this final vote was made. It sounds as though it might have come in after the meeting deadline and the IP decided to accept it -- or, of course, that it was sat on the table under a pile of papers, unnoticed.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
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
Foggy they said they thought all votes were in before the deadline but that this creditor voted bit later but still within the deadline. However they said there was a delay in this information getting to them and therefore by law had to consider their vote. They have appologised that we were misinformed but of course that doesn't help anything - we were still told one thing and felt relieved one minute and then told something that shattered us the next. Really want to be angry but I'm just more disheartened and fed up to be hoonest.
This is terrible but I hope you get it resolved. I am not sure what happened with this vote but you should look into it if the vote stays as a rejection.
Was the rejection from the creditor themselves or their agent?
Just wanted to let you all know that recently we finally got an f&f offer accepted for our IVA and our completion vcertificates arrived on friday. I've never felt such a relief but I'm sure many of you understand this feeling.
Anyway I wanted to say thanks for everyone's help & support on here. I do feel lke I was close to a breakdown and you guys all helped with your advice.
My question now we have certificate is how do we check RX1 has been lifted from our property? And what is best thing to do regarding checking credit reports so we can attempt to repair them a little (I know IVA stays on file for 6 yrs from start)
Also have a look at my blog -- the latest entries deal with my experiences of this ( link in my signature, below).
Regarding the RX4 (lifting the RX1 Restriction, ask your IP to confirm that he has done it ( which will act as a reminder). In a few months you can then check your titile deeds at Land Registry ( a few quid for a copy online ) to check there is nothing showing.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
