Creditors meeting

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rae25
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by rae25 » Thu Aug 10, 2017 3:40 pm
How soon after the meeting should I hear a response? My meeting was at 12.05 today and so far I've heard nothing. I feel sick with anxiety. I did make the decision to go ahead with an iva after looking for advice on this forum and now don't know what I'll do if it gets turned down.
Francesca
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by Francesca » Thu Aug 10, 2017 3:56 pm
Ring them. I couldn't wait any longer and rang my IVA company (about 2-3h after meeting). Been told I've been accepted and they were 'just about to ring me" . Best of luck
rae25
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by rae25 » Thu Aug 10, 2017 4:06 pm
Been told it's been adjourned after I rang them, thanks for advice. Apparently it's to do with someone not receiving a pack? Could this be right?
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Foggy
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by Foggy » Thu Aug 10, 2017 4:08 pm
rae25 wrote:
Been told it's been adjourned after I rang them, thanks for advice. Apparently it's to do with someone not receiving a pack? Could this be right?



It could well be right if it is a creditor which might swing the vote they could object and derail the arrangement if they were "left out of the voting".
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kallis3
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by kallis3 » Thu Aug 10, 2017 4:09 pm
You should get a proper answer! Keep on at them!
rae25
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by rae25 » Thu Aug 10, 2017 4:37 pm
Ah OK thanks for the advice. It's just now the phone calls from creditors are coming thick and fast due to me missing payments since starting the process and I've answered all calls in case it was the iva so it's been a right day. All emails I've had have said they would ring today so it's upsetting I've had to ring them and not got an informative answer.
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luluj
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by luluj » Thu Aug 10, 2017 5:56 pm
Fingers crossed your IP will be chasing for a response so a decision can be received - stay positive x
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Lisa Thomas
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by Lisa Thomas » Fri Aug 11, 2017 8:30 am
They should have phoned you straight afterwards.

Not a good start...
rae25
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by rae25 » Fri Aug 11, 2017 10:49 am
apparently one creditor didn't submit a vote so I assume it must be a big one who could sway it (in my case either Halifax or creation) but a new meeting has been scheduled for 10am Tuesday. Don't know if this is good or bad.
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kallis3
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by kallis3 » Fri Aug 11, 2017 11:39 am
As far as I am aware, if they didn't submit a vote they would still be bound by an IVA if others voted yes. I've known of some which have gone through with very small votes. It's 75% by value of those who vote on the day.
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Foggy
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by Foggy » Fri Aug 11, 2017 11:57 am
kallis3 wrote:
As far as I am aware, if they didn't submit a vote they would still be bound by an IVA if others voted yes. I've known of some which have gone through with very small votes. It's 75% by value of those who vote on the day.


The creditor claims not to have been notified or given the required paperwork. In those circumstances a large creditor could derail the IVA, even if accepted by the others, on the grounds of not being given the opportunity / information required to vote.
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Lisa Thomas
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by Lisa Thomas » Fri Aug 11, 2017 12:17 pm
That doesn't make sense. You need 75% in value of creditors vote to put the IVA though.

Are they saying no-one voted or that some creditors voted against it?
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Foggy
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by Foggy » Fri Aug 11, 2017 12:22 pm
Lisa Thomas wrote:
That doesn't make sense. You need 75% in value of creditors vote to put the IVA though.

Are they saying no-one voted or that some creditors voted against it?



Apparently one large and potentially controlling creditor has claimed not to have been sent a pack and so were uninformed of the vote.
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kallis3
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by kallis3 » Fri Aug 11, 2017 12:23 pm
It looks like one creditor is saying they were not notified of the meeting so has to submit their vote.
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Michael Peoples
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by Michael Peoples » Fri Aug 11, 2017 12:52 pm
How did the creditor know there was a meeting of creditors if they never received the proposal? Sounds a bit odd to me.
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