Can my IVA be moved....

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serafina298
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by serafina298 » Sun Dec 10, 2017 10:05 am
Thanks Foggy will do - the website is down at the moment but will keep checking.

In the meantime Creditfix in their FAQs have given two names as potential new IPs for my IVA so I will just write to them both! One thing I refuse to be accused of is lack of diligence as these places so often like to do - so I will keep copies and records of everything!

Thanks for your advice so far and I will keep people updated in the hope that it helps others too!
serafina298
Posts: 6
by serafina298 » Mon Dec 11, 2017 8:34 pm
So I received my letter today from Creditfix and I could do with some help understanding the variations:

1. The supervisor is authorised to investigate any potential claims for missile financial products including but not limited to PPI claims and to realise the same for the benefit of the arrangement

2. It will be a matter for the sole discretion of the Supervisor whether or not the claim or claims should be pursued. It will not be a breach of the IVA if any claim is irrecoverable or is impractical to pursue.

3. The Supervisor's renumeration is changed to 23% of realisations from the date of the court transfer on 17 November 2017

4. The Supervisor has the discretion to admit claims up to 115% of the value provided for on the Statement of Affairs, without the need for additional verification.

5. The Supervisor will convene a meeting of creditors where the sum of all claims exceed 115% of the value provided for on the Statement of Affairs, to determine any action required.

6. In consequence of these variations, any clause providing for a minimum dividend shall not apply.

7. The Supervisor is authorised to draw the sum of £300.00 in respect of convening the variation meeting.

1-3 I understand - and know I do not have to consent to the increased fees. I don't understand the remaining variations though - if anyone can shed any light on these I'd be really grateful!

thanks
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Foggy
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by Foggy » Mon Dec 11, 2017 8:57 pm
4. The Supervisor has the discretion to admit claims up to 115% of the value provided for on the Statement of Affairs, without the need for additional verification.

Creditors claims can exceed the original claims and the creditor doesn't have to prove it as long as the is no more than 15% over the original claim.

5. The Supervisor will convene a meeting of creditors where the sum of all claims exceed 115% of the value provided for on the Statement of Affairs, to determine any action required.

If the claims do exceed the limit then the creditors will have to meet and decide the way forward.

6. In consequence of these variations, any clause providing for a minimum dividend shall not apply.

If there was a clause in your agreement declaring a minimum dividend -- it will be cancelled (these days they don't often put in a minimum requirement anyway (but check).

7. The Supervisor is authorised to draw the sum of £300.00 in respect of convening the variation meeting.

They are just firming up the agreement to charge extra for such a variation meeting, if one was needed.
serafina298
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by serafina298 » Mon Dec 11, 2017 9:01 pm
Thanks Foggy - I think I'm going to refuse to consent to any of these unless anyone can see a strong positive to accepting.
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Foggy
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by Foggy » Mon Dec 11, 2017 9:04 pm
Most of them they can get away with doing as things stand by using discretion already built in --- the biggy is the fee hike and I am guessing the others are just smoke and mirrors to slip that one in there !
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