Adjourned meetings

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Brian.w
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by Brian.w » Sun Nov 25, 2018 7:29 am
We have come to the end of a joint 5 year IVA and were ask to try and remortgage, This was unsuccessful so a family member offered to make a full and final payment equivalent to 1 more years payments which our IVA company agreed to. This offer had to be put to a virtual creditors meeting for approval.
A meeting date was placed for 5/11/2018, however this meeting was adjourned due to lack of response from creditors and was rescheduled for 19/11/2018. Again this virtual meeting was adjourned due to lack of response from creditors and is now set for 18/12/2018. Since the last adjourned meeting our IVA company have said there is now another claim against us which has been added to the IVA, this new addition is from a creditor who is already on the IVA but with a different sum.
We are at our wits end to try and understand any of this as we have complied with the IVA from the start and never missed any payments. Both of us at the age of 68 are really stressed out about this situation and dont know which way to turn for help to try and conclude this whole matter.
Any advice would be very much appreciated.
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Foggy
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by Foggy » Sun Nov 25, 2018 10:27 am
They will now need to substantiate this "new" claim and see how it affects the dividend.

Have you continued to make the monthly payments ? In which case you will have already started eating into the 12 months, so it might prove a moot point to get a variation through for the sake of 8 or 9 months saved (assuming the next meeting goes ahead --- all they need is for one creditor to vote "yes" if the others are not bothering).
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Brian.w
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by Brian.w » Sun Nov 25, 2018 6:12 pm
At the end of August 2018 our direct debits for payments ceased and our IVA company stated after me calling them said the IVA was finished hence the finish of our payments. Then after a very long winded conversation they stated that we would need to remortgage or find other means to make an offer hence the full and final offer which to date has not been accepted even though they have written confirmation etc from the 3rd party to confirm the payment can be made.
I have asked the IVA company if they would continue taking our monthly payments to reduce the full and final offer but they have said this is not possible.
We really thought that we were on the way out of this IVA after the 5 years but did understand that we may have to make further payments for another 1 year.
Will we ever be free from this situation and receive a confirmation statement to confirm this and have our charge released from our mortgage.
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Foggy
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by Foggy » Sun Nov 25, 2018 6:25 pm
Brian.w wrote:
At the end of August 2018 our direct debits for payments ceased and our IVA company stated after me calling them said the IVA was finished hence the finish of our payments. Then after a very long winded conversation they stated that we would need to remortgage or find other means to make an offer hence the full and final offer which to date has not been accepted even though they have written confirmation etc from the 3rd party to confirm the payment can be made.
I have asked the IVA company if they would continue taking our monthly payments to reduce the full and final offer but they have said this is not possible.
We really thought that we were on the way out of this IVA after the 5 years but did understand that we may have to make further payments for another 1 year.
Will we ever be free from this situation and receive a confirmation statement to confirm this and have our charge released from our mortgage.


Your firm is being very lax about their responsibilities -- they should have addressed equity release 6 months before the projected end date so that you would know whether the year kicked in or not and could simply continue payments. You would then have already been 4 months closer to the end !
You could make a fortmal complaint which you could then escalate to their regulatory body -- but would probably get overtaken by events anyway, should they finally extract their digits from that very dark place !
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