www.iva.co.uk

when people say getting a creditors meeting is it really a meeting between everybody or is everything just done by paper work,also if there is a meeting would i have to go or is that what the IP is there for.

Hello,


Although the IVA process does involve holding a creditors' meeting, these days creditors have seen so many IVAs that they don't actually attend meetings in person, they give their voting instructions by fax just before the meeting. You won't therefore need to attend the meeting but should be available on the end of a phone on the day of your meeting, as if creditors put forward modifications these will need to be discussed with you before the IVA can be approved.

Once the arrangement has been approved, it is unlikely that there would be any need to attend meetings in person.


Kind regards,


Julia

For more information about IVAs, please visit my website:
www.supersonicsquirrel.net

Hi eb

I always tell my clients that these are "virtual" meetings, as it is usual for creditors to send their voting instructions by fax to allow your Insolvency Practitioner to cast votes on their behalf.

This really depends upon the type of creditors you have. If they are normal banks and credit card companies, they rarely attend, but if you are a sole trader and deal with mainly local suppliers, or have employees who are owed money, these people often attend meetings in my experience.


Regards, Melanie Giles, Insolvency Practitioner for over 20 years.
View my IVA blog at: http://melaniegiles.blogs.iva.co.uk

Melanie is quite right. The vast majority of creditor meetings are as she puts it "virtual" (that's a great way of explaining it) and a person will usually be required to be close to a phone in case they are needed. However, on the odd occasion a creditors meeting may "physically" take place and in these instances a person could be required to be present.

Best Regards
Oliver

Thomas Charles and Co Ltd.
Experts in personal debt solutions.
Read customer feedback at: www.thomascharles.com/about_us.asp

Hello e_b, it's not unusual for the creditor's meeting to be virtual (nice term MelanieGiles). Gosh, they have so many IVAs today it can be difficult for an IP to have them face-to-face. You need to be near a telephone and/or a FAX though as stated above.
Good luck!

All I have left is my humour.

Hi e_b

I quite agree with Melanie and Oliver when they say that in the main creditors will not attend the Creditors Meeting (although they are given notice of the meeting and can decide to go if they like). The only creditors who are likely to attend would be trade creditors if you had been in business.

Re the question do you have to go to the meeting yourself? The standard answer is again no. However, you can go if you like. The pros of going are that it is an opportunity to meet with your IP face to face and ask any questions you still have. Also, if the creditors want to modify the proposal in any way, then it is easy for you to discuss these changes with the IP. As such, if the journey is not to far, I would say go in person.

Of course, if the meeting is being held far from where you live and it is not convienient (and to expensive) for you to go, then you don't have to be there. However, as Debt Dummy says, you just need to make sure you can be contacted by phone at the time of the meeting. This is so the IP can notify you that the IVA has been accepted and discuss any modifications if necessary.

James Falla

Expert in IVA, Bankruptcy and informal Debt Management solutions, with extensive experience of solving personal debt problems over the past 10 years. I am regularly featured on BBC News, Finance Programs and Radio.

Visit my blog at: http://jamesfalla.blogs.iva.co.uk