Full and final offer rejected, what to do next?

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Stuart.j
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by Stuart.j » Wed Apr 25, 2018 5:37 am
My debt accrued during my previous marriage. Regrettably at the time of my split and divorce i was diagnosed with Multiple Sclerosis, and in my haste to get away from a painful situation i agreed to take on the debt, debt that wasn't of my own doing.
I took advice to enter an IVA over bankruptcy, a decision i sometimes question now.
In total my debt was first estimated at around £22,000 although this was due to an over estimate of the amount owed to the inland revenue.The amount was nearer £19,000. Last September i spoke with my parents for help to make a full and final settlement offer. In my first meeting i offered £2500 and on advice managed to increase it to £2800.To that date i paid into my IVA approx £7900, with an additional £700 made available through PPI.

IVA Repayment due Total approx £10750
Amount repaid to date £7900
PPI recovered £700
The term of the IVA was due to end in June this year. I have submitted medical evidence regarding my condition which explains how it may render me unable to work and that i need to be paying into a pension for my future with MS in particular which i haven't done up until now due to IVA payments, in an attempt to add weight to my full and final settlement offer..
During this time i have had 2 children in my second marriage and during the maternity months was unable to make full repayments on my IVA. The total arrears is approx £2450.
71% of my creditors have accepted with inland revenue not returning a vote and Barclays declining the offer on both occasions. My IVA company, Aperture have advised not to push inland revenue for a vote as they are very likely to fail the IVA. Could you please offer some advice on my next step. I'm anxious to reach a settlement figure and bring my IVA to an end. This debt wasn't my now family's debt and we cant move forward with this hanging over me. Please offer any advise most noticeably on whether to chase up the inland revenue and/or Barclays. Please help
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Foggy
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by Foggy » Wed Apr 25, 2018 6:50 am
Barclays is unlikely to budge and prodding HMRC is very risky as they can be prickly. The problem here is that the F&F is counteracted by the arrears and creditors do not tend to like arrears.
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Lisa Thomas
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by Lisa Thomas » Wed Apr 25, 2018 9:15 am
You need 75% in value of creditors VOTING to vote in favour for the variaiton.

If I understand your post correctly, a variation meeting has been called and so far 100% of creditors voting, have voted in favour of the variation?

Therefore as long as the remaining creditors do not vote against the variation it will go through.

Your IP has recommended not to prod HMRC as it could bring the meeting to their attention and result in them placing a vote, potentially against the variation, when it may slip through the net.

I agree with your IP and don't understand why you would want to chase creditors that haven't yet voted?
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luluj
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by luluj » Thu Apr 26, 2018 12:32 am
I agree with Lisa in that you need 75% of those who vote to be in agreement therefore ignore those that have not and you should get an acceptance.
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SteveUK
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by SteveUK » Thu Apr 26, 2018 5:22 pm
I read it that Barclays had voted against which left 71% of those that voted voting for.
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Lisa Thomas
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by Lisa Thomas » Fri Apr 27, 2018 8:24 am
Ah I didn't read it that way but maybe you are correct, in which case perhaps the OP should work on convincing Barclays to change their vote.
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