www.iva.co.uk

Hi
I learned yesterday that a large % of my creditors vote belongs to Eversheds. Now i think im right in asuuming that this is the company that votes on behalf of TSB or thier legal team or somthing. Anyway,as i said they hold enough voting power to sqaush my iva and worried it wont be accepted. Who are they and what are the chances of them accepting my iva??

I had them and they were fine with me.

They are representing the various creditors -- they do not own the debt -- and will vote on a purely commercial basis. If the offer is a good one they will vote yes.

I had them vote in mine on behalf of Natwest. They show on my chairman's report as reject, but looking back I had two modifications that I was asked about and asked if I agreed to them being rejected. I think the IP already knew they could secure 75% with out them.

they hold a 53% stake in my proposal but seem to be dragging thier feet. They havnt met any creditor voting deadlines and cf tell me they are negotiating with them. Not sure they will vote yes but the dividend is about 35p in the £.

keall wrote:

they hold a 53% stake in my proposal but seem to be dragging thier feet. They havnt met any creditor voting deadlines and cf tell me they are negotiating with them. Not sure they will vote yes but the dividend is about 35p in the £.

I would take what CF say with a pinch of salt --- they have their own way of dealing with creditors and it isn't going down well !

you mean its not going down well with ES?

keall wrote:

you mean its not going down well with ES?

With creditors in general is the feeling . CF seem to have issues with initial meetings on a regular basis (no other firm does, that we know of) with repeated adjournments.

It's about time they got their act together!

should i ditch cf and try another comany if so can you recommend a good one...had a really sleepless night last night. This process is taking far too long and now a month behind on payments. Going to try and pay as much as possible this month to hopefully keep the wolves at bay. just so fed up with it all...sorry for moaning and thanks all for your advice.

keall wrote:

should i ditch cf and try another comany if so can you recommend a good one...had a really sleepless night last night. This process is taking far too long and now a month behind on payments. Going to try and pay as much as possible this month to hopefully keep the wolves at bay. just so fed up with it all...sorry for moaning and thanks all for your advice.

Normally the whole process takes around 8 weeks, give or take a couple. If you are in the middle of an adjourned meeting it is probably too late to change firms now (others might have different ideas) but, if the meeting hasn't happened yet, you are free to do so (depending on any terms of engagement you have / might have signed). However, this will, of course, start the clock again (although you do have everything needed to hand, which would help).

We cannot advise whether you should or should not change firms at this stage. I am afraid that is in your domain. CF has thousands of clients and we only generally see the bad side mentioned on here.