After IVA completed, IP is says - there is amendment - one creditor wants 91.2p

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magpie
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by magpie » Mon Mar 12, 2018 1:04 pm
I have been in an IVA for six years done the extra year after year five as could not remortgage as was the condition of the IVA. I paid my the final payment in Jan 2018. Phoned the company on 07th Feb 2018 as i had heard nothing from them asking them when i would receive the completion certificate they did not even know it had completed but checked and said yes everything looks fine and would go through the process and that i would receive my completion certificate in about four weeks. However on the 08th of march i received phone message and email asking me to contact the company dealing with my IVA. To my horror they said they had come across a serious problem concerning a amendment in my IVA agreement which stated that one of the creditor had requested 91.2p in the £ and this could not be met. I am at my wits end this is a full two months that i thought was end of my IVA really thought this nightmare was over and could start rebuilding our lives, Surely because i done the extra 12 months this should of been realized that this condition could not be met and was not picked up on until two months after paying the final payment. The IVA company has arranged a meeting in April to see if the creditors ( debt was sold on to recovery companies ) will accept final payment and/or on about extending my IVA. The stress is destroying me, Hope this all makes sense and anyone can offer me any advice
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kallis3
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by kallis3 » Mon Mar 12, 2018 1:10 pm
Really bad of them and should have been picked up at the start of your IVA! Have you got your original chairmans report? It should have been on there.

Hopefully one of our other experts will be along as I have no idea.
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Foggy
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by Foggy » Mon Mar 12, 2018 1:31 pm
As Kalis says, this amendment should have been discussed with you at the time of the initialk meeting and, at that time, you would have had the discretion to say "No Thanks", so to land this on you now is way out of order. Hopefully the firm can convince creditors to accept the original agreement and remove this condition. Out of interest, how much has the dividend reached ?

This borders on gross incompetence by the firm and they should pull out all the stops to put it right.
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Lisa Thomas
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by Lisa Thomas » Mon Mar 12, 2018 1:55 pm
This sounds like a modificaiton that must have been approved at the start of the IVA. As Kallis says you need to look at the original Chairs report to see if it was disclosed - also ask for evidence that you accepted the modification.
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Lisa Thomas
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by Lisa Thomas » Mon Mar 12, 2018 1:56 pm
...and you cannot prefer one creditor over another, so any minimum dividend would likely to have been for all creditors, not just one.

Depending on the figures the creditors might be convinced to waive the modification if the result means they won't get any more in failing the IVA and making you Bankrupt.
magpie
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by magpie » Mon Mar 12, 2018 2:44 pm
kallis3 wrote:
Really bad of them and should have been picked up at the start of your IVA! Have you got your original chairmans report? It should have been on there.

Hopefully one of our other experts will be along as I have no idea.

Thanks, Have kept everything so will be going through it all.
magpie
Posts: 5
by magpie » Mon Mar 12, 2018 2:47 pm
Lisa Thomas wrote:
...and you cannot prefer one creditor over another, so any minimum dividend would likely to have been for all creditors, not just one.

Depending on the figures the creditors might be convinced to waive the modification if the result means they won't get any more in failing the IVA and making you Bankrupt.

Thank you, Hopefully it can be sorted.
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kallis3
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by kallis3 » Mon Mar 12, 2018 2:51 pm
Let us know what your report says.
magpie
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by magpie » Mon Mar 12, 2018 2:57 pm
Foggy wrote:
As Kalis says, this amendment should have been discussed with you at the time of the initialk meeting and, at that time, you would have had the discretion to say "No Thanks", so to land this on you now is way out of order. Hopefully the firm can convince creditors to accept the original agreement and remove this condition. Out of interest, how much has the dividend reached ?

This borders on gross incompetence by the firm and they should pull out all the stops to put it right.

Thanks, with all the fees ect took off at present stands at 0.40p in £ that is without any ppi that they have reclaimed.
magpie
Posts: 5
by magpie » Mon Mar 12, 2018 3:16 pm
Thank you for all the replies so far, Will try and reply as and when able due to work commitments, your advice is appreciated.
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