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
Update: Just received phone call from Manager not the IP and now a email confirming what he said. Basically will not put offer forward and advised they don't have to. They would be looking at around 7500 for F&F before calling a meeting, but stated it would just be extended for another 12 mths if I can't increase offer. He advised creditors like to extend, just in case of a windfall and don't really save on administration charges?
So not sure if just to agree 12mths extension.
OK -- One -- the guy you spoke to is talking out of his backside. Two -- that said, take the extension and your creditors will end up with half of your current offer, so they are not working in the best interests of the creditors.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
This is bizarre! Why would creditors not accept money early and why would an IP not take their fees early for less work? This is for creditors to decide and not for someone in your IVA company. You have the right to request a meeting and under the R3 terms and conditions it states;
60(2)[Power to requisition a meeting] If requested in writing by the Debtor, or by
Creditors with not less than one-quarter in value of the total amount of Debts subject
to the Arrangement, the Supervisor shall, unless relieved by the Court from so doing,
convene a meeting of Creditors within 21 days from the receipt of such request
I am not sure if your IP firm use R3 or Protocol but I believe the same proviso is in the Protocol T&Cs. Therefore being told that your firm does not have to propose a variation is not my interpretation of the facts. You have it in writing from them stating they do not have to call a variation so ask your IP to confirm this or ask the IPA if this really is the case.
I suggest you tell your IP that you have it on good authority that he is wrong and that you will be following this up in writing and understand he has 21 days to call the meeting from the date of your first request (which he has clearly acknowledged) and make threat of formal complaint if he does not deal with request properly. Also ask to approve a copy of the variation report before it is sent to creditors. Personally I would attach a covering letter from you and insist that it is included in the variation report so that creditors can read your opinion of this being a good deal.
font size="1" face="Verdana, Arial, Helvetica">quote:<hr height="1" noshade>Originally posted by Michael Peoples
This is bizarre! Why would creditors not accept money early and why would an IP not take their fees early for less work? This is for creditors to decide and not for someone in your IVA company. You have the right to request a meeting and under the R3 terms and conditions it states;
60(2)[Power to requisition a meeting] If requested in writing by the Debtor, or by
Creditors with not less than one-quarter in value of the total amount of Debts subject
to the Arrangement, the Supervisor shall, unless relieved by the Court from so doing,
convene a meeting of Creditors within 21 days from the receipt of such request
I am not sure if your IP firm use R3 or Protocol but I believe the same proviso is in the Protocol T&Cs. Therefore being told that your firm does not have to propose a variation is not my interpretation of the facts. You have it in writing from them stating they do not have to call a variation so ask your IP to confirm this or ask the IPA if this really is the case.
I've just checked my conditions and the above is in there under meetings of creditors condition 19(2) the exact same wording. I think I will go back and point this out to them. I'm just a bit worried about them trying to force a secure loan on me then the 12 mth extension. But would prefer they accepted the FF to start with.
Okay should I sent this?
Thank you for your call and the below email.
Like I mentioned in our conversation, my mother in law is unable to offer any more.
However, I'm still unsure and baffled why you still don't believe this to be a fair offer and rather shocked that you not willing to put this offer to my creditors.
Part IX - Meetings of creditors Condition 19 (2)
If requested in writing by you, or by the creditors with at least one quarter in value of the total amount of debts subject to the arrangement, the supervisor must call a creditors meeting with 21 days from receiving such request......
Condition 19(3)
You or the supervisor may propose variations to the proposal after it has been approved and these may be considered at a creditors meeting convened by the supervisor.......
By not requesting a meeting to put my offer forward surely you are in breach of these conditions and will leave me with no other alternative but to lodge a formal complaint.
Therefore can you explain to me why this is not the case? I'm in good authority that what you are telling me is wrong. It doesn't mention that you have to support the proposal/offer, before calling a meeting.
I'm still in the opinion that the offer is fair and my creditors should be informed and have the option to agree or decline.
I would also like to approve a copy of the variation report before it is sent to creditors and insist that you attach a covering letter that includes details from my letter, in why I believe this in my opinion, is a good offer.
Slightly changed.
Thank you for your call earlier today and the below email.
Like I mentioned in our conversation, my mother in law is unable to offer any more.
However, I'm still unsure and baffled why you still don't believe this to be a fair offer and rather shocked that you not willing to put this offer to my creditors. The likelihood of a windfall in the next 18 months is just as likely, if not more of an adverse situation, in which I unable to maintain the payments at its current level.
Part IX - Meetings of creditors Condition 19 (2)
If requested in writing by you, or by the creditors with at least one quarter in value of the total amount of debts subject to the arrangement, the supervisor must call a creditors meeting with 21 days from receiving such request......
Condition 19(3)
You or the supervisor may propose variations to the proposal after it has been approved and these may be considered at a creditors meeting convened by the supervisor.......
By not requesting a meeting to put my offer forward surely you are in breach of these conditions and will leave me with no other alternative but to lodge a formal complaint.
Therefore can you explain to me why this is not the case? I'm in good authority that what you are telling me is wrong. It doesn't mention that you have to support the proposal/offer, before calling a meeting at my request.
I'm still in the opinion that the offer is fair and my creditors should be informed and have the option to agree or decline.
I would also like to approve a copy of the variation report before it is sent to creditors and insist that you attach a covering letter that includes details from my letter, in why I believe this in my opinion, is a good offer.
Please confirm that you will now be putting forward my offer to the creditors and will be calling a meeting within the 21 days from my original letter dated 17/8/2015.
The offer is fair and, as far as I am aware, they have to put the offer forward.
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
I think the offer is more than fair and creditors will accept. However you have nothing to lose by proposing it anyway as if they reject you can just go with the extension. I do not understand the attitude of the person you are dealing with as it makes little sense to me. If the offer is accepted then the IP gets paid early and at least £300 for the variation meeting and has happy creditors and clients.
Totally agree with Michael - they should put it forward.
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
font size="1" face="Verdana, Arial, Helvetica">quote:<hr height="1" noshade>Originally posted by Michael Peoples
I think the offer is more than fair and creditors will accept. However you have nothing to lose by proposing it anyway as if they reject you can just go with the extension. I do not understand the attitude of the person you are dealing with as it makes little sense to me. If the offer is accepted then the IP gets paid early and at least £300 for the variation meeting and has happy creditors and clients.
I agree with you, I just don't understand what they are playing at. Did you think my response was okay? Is so I will send it on.
Stand firm and make sure they put your offer forward.
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
