Creditors meeting adjourned

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pen

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Post by pen » Sun Sep 13, 2020 12:36 pm
Hi creditors meeting adjourned and i p say a document pack has been sent out, meeting rescheduled next week. What is the document pack and does this mean Iva rejected.

Foggy

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Post by Foggy » Sun Sep 13, 2020 12:58 pm
It probably means that a creditor has complained that they had not been sent the documentation. I don't know who you are with, but this seems to be a common problem with one particular company, along with various versions of the truth in explaining the hold ups.

To be fair, they usually manage to turn the situation around and get the arrangement through.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
http://foggy.blogs.iva.co.uk

pen

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Post by pen » Sun Sep 13, 2020 5:32 pm
Thanks for replying Foggy, hopefully document pack will arrive in post tomorrow, before rescheduled meeting Tuesday. I P rang me on day of meeting and asked me a few questions I heard nothing else until the next day when they text me to say meeting adjourned and document pack being sent out in the post, and don’t worry. Because it didn’t explain what was going on I began to think the worst. So that was why I was wondering if any one knew what the document pack will be. Thanks again

Foggy

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Post by Foggy » Sun Sep 13, 2020 5:49 pm
Re-reading your question ..... I had assumed that they meant a document pack would be sent to a creditor who hasn't had one. However, reading your second post, it could mean that creditors have made amendments that you need to consider and this is the docum,ent they are sending to you.

Are you, by any chance, with CF ?
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
http://foggy.blogs.iva.co.uk

pen

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Post by pen » Sun Sep 13, 2020 5:52 pm
Yes I am with C F

pen

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Post by pen » Sun Sep 13, 2020 6:16 pm
As they have included my phone in the Iva how will this effect my phone contract If it goes through.

Foggy

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Post by Foggy » Sun Sep 13, 2020 6:21 pm
Sun Sep 13, 2020 6:16 pmpen wrote:
As they have included my phone in the Iva how will this effect my phone contract If it goes through.
I don't know --- mine wasn't included as a debt ... The cost was an allowable expense and it carried on as normal .... were you in arrears ?
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
http://foggy.blogs.iva.co.uk

Foggy

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Post by Foggy » Sun Sep 13, 2020 6:23 pm
Sun Sep 13, 2020 5:52 pmpen wrote:
Yes I am with C F
Ah .... they do have a history of doing everything differently ! And, oftentimes, getting into strife over it. It does make it difficult to predict what they are doing.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
http://foggy.blogs.iva.co.uk

pen

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Post by pen » Sun Sep 13, 2020 6:33 pm
No I wasn’t in arrears with my phone at all but they said they needed 3 Creditors so included it with my catalogues x 2 creditors.

Foggy

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Post by Foggy » Sun Sep 13, 2020 7:38 pm
Yes --- you need at least 2 creditors but three lines of credit. Might I ask how much you actually owe the creditors ? And the proposed IVA payment ?
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
http://foggy.blogs.iva.co.uk

pen

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Post by pen » Sun Sep 13, 2020 8:28 pm
£7,000 and it was £85 a month prop. payment. Do you think the amount is too low that is why they adjourned the first meeting.

Foggy

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Post by Foggy » Mon Sep 14, 2020 6:43 am
£85 per month is on the low side for most IVAs ... with CFs fee structure being higher than most the creditors will end up with very little. It wouldn't surprise me if that is the cause for the delay, while CF argue the case for fees. But that is just a guess.

If the IVA is rejected your debt level might be suitable for a DMP with someone like Stepchange, so there are still cards for you to play.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
http://foggy.blogs.iva.co.uk

pen

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Post by pen » Mon Sep 14, 2020 7:17 am
Thanks

lifenoteasy

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Post by lifenoteasy » Mon Sep 14, 2020 8:15 am
Have to support Foggy on this - £7k seems a very low amount.

Also, if you go into arrears on the mobile contract, they are likely to cancel the contract and you will have to go PAYG.
IVA started March 2011, Completed March 2016 and certificate issued 11 days after final payment. It was not always easy but then some of the best decisions aren't.

pen

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Post by pen » Mon Sep 14, 2020 10:13 am
Thanks for the feedback will
Keep you updated.
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