Why does most of my creditors address to the insolvency exchange on my proposal? I am confussed about this as well..
A huge thanks for all of you being so patient with my endless questions
TiX ( The Insolvency Exchange) act as agents on behalf of many creditors. These agents often also purchase debts as well as administer them. You might also notice Max Recovery appearing as well.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
Foggy wrote:TiX ( The Insolvency Exchange) act as agents on behalf of many creditors. These agents often also purchase debts as well as administer them. You might also notice Max Recovery appearing as well.
I have one max recovery. Is that mean one company will decide for many? Thats scary then as shop direct is also TIX as well as my biggest creditors
Foggy wrote:TiX ( The Insolvency Exchange) act as agents on behalf of many creditors. These agents often also purchase debts as well as administer them. You might also notice Max Recovery appearing as well.
I have just calculate they have £12k worth of my creditors nearly half of what i owe.. here is another reason to worry for me
Max Recovery had a lot of mine as well - they are usually fine.
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
kallis3 wrote:Max Recovery had a lot of mine as well - they are usually fine.
I only have one max recovery .. nearly half of my creditors fairly big ones with insolvency exchange.. do they give the same vote for all or consider for each creditor individualy? As i was worring about shop direct i had a very account september and november purchase on it. But i thought every creditor decide by themself.. i am very worried now
Your IP will have considered this when writing the proposal - if there was any concern or doubt your iva would be rejected I am sure they would not have submitted it for approval - try and stay positive although I remember how hard that was.
Sharing from experiences of dealing with debt
There is a solution for everyone .... Just need to stay positive !
luluj wrote:Your IP will have considered this when writing the proposal - if there was any concern or doubt your iva would be rejected I am sure they would not have submitted it for approval - try and stay positive although I remember how hard that was.
I am worried because i made purchase from very within 6 months and i hear they did rejected for that reason some proposal. I thought very share a very little within my total debt i should be alright. But realised nearly half of my creditors will use insolvency exchange including VERY now i am worried if the vote same for all creditors or do they examine all creditors individually and decide yes or no.. would they be saying no for some yes for others? Sooo worried couldnt sleep last night
Last edited by Oya on Sun Mar 12, 2017 9:03 am, edited 1 time in total.
Even if Shop Direct ask for the proposal to be rejected because of recent spending, TiX will vote for the other creditors based on their criteria so you should be fine if the proposal is otherwise fine.
Michael Peoples wrote:Even if Shop Direct ask for the proposal to be rejected because of recent spending, TiX will vote for the other creditors based on their criteria so you should be fine if the proposal is otherwise fine.
Thank you Michael i was very worried as 1 company holding most of my creditors enough to reject my iva.. i thought they put all 10 account on the same table give 1 vote for all. Its relief to know every creditors will get their own vote so tix might as well could give some yes some noes is that right?
Absolutely. For example, TiX vote for NRAM who ask for six year IVAs but when TiX vote they only put this condition in for the NRAM debt. In effect you could use the other TiX creditors to outvote the six year IVA even though it was TiX who put all the votes forward. They have to vote according to the criteria of each creditor otherwise you could have a case of 'the tail wagging the dog'.
Best of luck with the meeting but I am sure you will be fine.
Michael Peoples wrote:Absolutely. For example, TiX vote for NRAM who ask for six year IVAs but when TiX vote they only put this condition in for the NRAM debt. In effect you could use the other TiX creditors to outvote the six year IVA even though it was TiX who put all the votes forward. They have to vote according to the criteria of each creditor otherwise you could have a case of 'the tail wagging the dog'.
Best of luck with the meeting but I am sure you will be fine.
Thank you very much Michael.. i was feeling like fighting against a company who hold the faith of decision. I will now try not to think about it an concentrate my life until the big day.. I appreciate your reply is really help me to calm down.. have great week..