www.iva.co.uk

Hi Originally a 5 year iva proposal was put forward, of which i have the paperwork and signed at the time (Aug 2008). At the time of the creditors meeting i received a phone call stating one creditor was not in agreement and wanted a 6 year iva. I agreed to this over the phone. I have never seen the voting from this meeting, nor had the change of terms paperwork. Just looking at the figures, and i am assuming it was NR who voted against the 5 year term. However if this was the case i only get their share of the vote as 24.17%. So if it was them should the 5 year proposal have gone ahead. Would i be able to see the original voting.

The Chairman's Report of the meeting will show exactly who voted and what percentage of the votes they held at the meeting. It is possible that NRAM held less than 25% of the total vote but if this was a joint debt then the figures would give them a majority against each of you. It is also possible that some creditors did not vote or even rejected so you would have needed NRAM to get through.

If you do not have a copy of the report you could email your IP firm who can send one to you.

Thanks Michael. The debt was in my name only. The best way as you say would be to see the report. Would this show both votes, the one that rejected the 5 year and the one in acceptance of a six year iva?

The report will show all votes cast whether in favour or against. The percentages should be clearly shown on the report so it should be easy to read.

Thanks Michael i will try and get the report. Should i have signed it or did the phone call count as agreement.

The telephone call is fine to discuss but we send out the report and it must be signed and returned. We also email the modifications to our clients in advance of the telephone call to ensure they know what has been proposed or amended.

You need to check with your own IP as to their practices as it is possible the report was signed by you and returned with other documents. You may not have noticed at the time and were just glad to have the IVA approved.

It was just the phone call to accept the 6 year term. As stated i have the 5 year proposal pack, but never seen anything with the 6 year part, or signed any further proposal pack. I was glad at the time to get the iva and did not question anything at the time. It is only now that i am near the end and have recently seen this forum that i am looking at the iva and certain parts.

Michael, is it still the norm for NR to propose an amendment of term to 6 years or have they now relented?

I am not sure as I have not seen them for a while. I would need to ask meeting of creditors when I am back in the office.

Is it time for a set number of years for an iva, whether it is 5 or 6. This way people know when they are looking at the option of an iva they know how long it will last. Seems unfair that people with the same amount of debt have to pay a year longer.

The problem, Chrisdn88, is that peoples circumstances vary and the arrangement has to be tailored to suit each individual. It is an individual agreement between you and your creditors and one size cannot fit all.

I agree its individual, but does that mean that say i could afford to pay 500 a month but you could afford 600 a month. Should you pay for an extra year just because of one creditor, or should we both pay for the same amount of time. Just a thought.

Swings and roundabouts -- you might owe twice as much as me, yet can only afford to pay half as much. What our creditors agree (or want) is very much down to the roll of the dice and can vary just as much as what we owe and what we pay -- it is impossible to compare one debtor to another.