www.iva.co.uk

creditors meetings what actually happens do we attend do they attend or is it all done via email or fax and what type of questions can be raised and how are they then answered

At most creditors meetings no one attends in person. Although creditors and the debtor can attend if they wish.

Proxies are used on behalf of creditors who usually instruct Agents to act on their behalf.

Questions are usually raised in the period from circularising a proposal and the date of the crediors meeting. Questions on all aspects of the debtor´s circumstances can be asked.

It is usual on the day for the debtor to be in close contact with his Nominee (IP) in case modifications are proposed by way of last minute Proxies.

thank you david

David, in your experience has a debtor ever attaended a "meeting"?

I remember Payplan asking us if we wanted to go. Lincolnshire is a bit too far away when you can't afford the petrol though!

At least you got the offer Jan....when hubby had his variation, I really wanted to go. Accuma said it wasn't possible, the variation was refused and as they......the rest is history.

I did attend my creditors meeting back in 2004! [:0]

I was informed in writing that "it is important you attend this meeting..... if you have not already had such a meeting, then you are required to attend the Creditor's Meeting."

It was an hours train journey into London for me. It was just me & the Chairman of the meeting who was a representative from Payplan sitting in a room by a fax machine! We sat waiting for 15 mins to see if any more votes came in. None did & the 2 creditors that voted in favour had voted prior to the actual meeting anyway as I was then handed a copy of the Chairman's report already typed!

Wonder if it was the norm for the debtor to attend back then as doesn't seem to happen now...

I didn't get the option to go to mine, which was October 2005. I just waited by the phone in case there was a modification (which there was booooooo!!!) Blackburn would have been a bit of a trek anyway and I'd probably have been too scared to go in any case!

Congratulations on completing your IVA MP, it's great to hear a success story.

Cx

I got the option to attend my second IVA creditor meeting but declined, I also got the offer to attend the notification of termination meeting again I declined.

Before the changes in SIP 3 - all insolvency practitioners were required to meet their clients personally, or at least a senior and trusted member of their staff was required to.

Some firms used very curious methods to get round this, including inviting their clients to creditors meetings which was a little after the event but better than nothing. This rule has now been relaxed, and there is no real point in people attending meetings - although telephone meetings with IP/senior staff are very important.

I have never really had much dealings with my IP, or their firm. I spoke briefly on the phone when it was being arranged, but all other correspondence was by post.

I wonder if I would have felt less nervous about the whole process, which I still do now (everytime they send me a letter, I am scared that I have done something 'wrong')had I had a closer relationship with them.

Again, I'll say it, I wish I had known about this place back then, as I would have probably gone with another IP.

Cx

I personally cannot understand firms who operate in this manner, but for sure you should not be at all frightened of any sort of contact with your IP's office. You are the client here - and your contributions are paying for their existence!

I wasn't even told I could speak to my IP (Accuma again) let alone meet him!

Payplan phone us up every so often to make sure everything is running ok.

I always speak to a member of staff, even the letters have a stamp of the IP's signature.

If only other firms operated like yours Melanie, maybe more people would understand the whole process better! I never really thought about it like that, but I suppose that's what we pay fees for.

I can honestly say that I have learned more about IVA's from this forum than I had after being in one for 3 years! That's scary when you think about it.

Thankfully, it's here for all those about to start one.........