My husband’s creditors meeting is today and so far no votes have come in. The IVA proposer has called this morning to say TIX have advised one of the creditors wishes to vote themselves rather than have TIX do it for them, what does this mean? The other creditor should be represented by TIX and the third creditor probably won’t vote as the amount they are owed is very small compared to the other two. The IVA is for a full and final settlement with £50k on the table. Nail biting going on here as we really want to sort this mess out, a mess that was not wholly of his making but he was left with the debts when the joint mortgage holder (a family member) went bankrupt and he is not able to service these debts in full and wants to avoid bankruptcy at all costs as this would mean losing our family home.
Only one lender voted and they decided to vote themselves and not use TIX. They rejected based on our equity even though the offer for f&f was good, immediate and not far off what they would get in BR. The meeting has been adjourned till next week and the lender (person having a bad day) has referred it upwards to a senior colleague for a decision. Gutted. We just want this to be over.
Not good - I am so sorry. Hope they can get this sorted by the end of the adjournment.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
How many times can these things be adjourned? If they want the offer upped can the lender ask for this or suggest a regular contribution based IVA with an equity clause.
The total debt is in the region £113k that is two BTL mortgage shortfalls are £43k, c£67k and a further £3k to a leasehold company who haven’t written off the bankrupts share.
Can any one offer any help with my questions above. The IVA has been referred upward in the lender for a decision to be made at a higher level than the person who rejected. It’s a very nervous weekend whilst we await a decision and the adjourned creditors meeting is to be held again on Weds. I have faith in our IP but just wondering how far he can go if another rejection comes back down in terms of upping the offer as I may be able to borrow some money off a family member to increase it.
Hopefully, as part of the IPs discussions with the creditor, the reason for the rejection will be apparent and you can then counter that with an increased offer, if the dividend is, indeed, the issue at hand. Sometimes the issue is something like IP's fees, which are entirely out of your hands or simply policy.
The lender could come back with a counter offer, either asking for an increased lump sum, or a regular contribution IVA, or the usual term, or even a shorter term in addition to the lump sum offered as the initial payment. You should let your IP know that you are open to suggestions,
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
Just thought I’d update. My husbands IVA full and final settlement was finalised this morning when the lender that voted to reject last week, reassessed their position and approved acceptance with no modifications. We used IVA.org and they were absolutely fantastic and supportive with getting this through. No upfront fees and they did what they said they could do. I am so glad we put our trust in them and would recommend them 100%. We first made contact with IVA.org in mid January and the whole process has been completed in just over 5 weeks. So very relieved we can out this all behind us now. We are expecting a certificate of completion within the next few months.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
Hello all, just an update of when we are since February. The IVA full and final was accepted on 24th Feb. No completion certificate yet as one of the debts related to an unsold property. Thankfully this has now been sold and the shortfall crystallised. We have received a couple of letters from the lender stating that the shortfall exists (from their debt collection department). Their insolvency department is fully aware that my husband has an IVA but left hand, right hand so we asked our IP to jump all over them as they shouldn’t be sending chasing letters. Got a telephone apology and hopefully now the final proof of debt is in the IP can pay them off so they go away for good. Happy weekend all, has been much better all round since the IVA was approved, just need the completion certificate to put it all to bed.
That's wonderful news so glad everything worked out ok. Good luck for the future.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
