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NescafeGold13

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Post by NescafeGold13 » Fri Feb 19, 2021 9:19 am
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.

Foggy

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Post by Foggy » Fri Feb 19, 2021 10:07 am
Early in the day yet ..... these days it seems that the actual time of the meeting is no longer relevant.

Fingers crossed.
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

plasticdaft

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Post by plasticdaft » Fri Feb 19, 2021 5:29 pm
Any news yet?
Discharged today the 8th feb 2012. View is much brighter now.
Continuing to rebuild our credit worthiness.

NescafeGold13

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Post by NescafeGold13 » Fri Feb 19, 2021 6:57 pm
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.

kallis3

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Post by kallis3 » Fri Feb 19, 2021 7:11 pm
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

NescafeGold13

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Post by NescafeGold13 » Fri Feb 19, 2021 7:25 pm
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.

NescafeGold13

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Post by NescafeGold13 » Sun Feb 21, 2021 1:32 pm
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.

Foggy

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Post by Foggy » Sun Feb 21, 2021 1:50 pm
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
http://foggy.blogs.iva.co.uk

NescafeGold13

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Post by NescafeGold13 » Sun Feb 21, 2021 1:54 pm
Thank you that is really helpful. Just weighing up our options as we have to try and make this work.

NescafeGold13

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Post by NescafeGold13 » Wed Feb 24, 2021 12:45 pm
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.

kallis3

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Post by kallis3 » Wed Feb 24, 2021 12:52 pm
Good news - really pleased for you.
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

Foggy

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Post by Foggy » Wed Feb 24, 2021 3:23 pm
Phew --- and breathe !!

Congratulations :-)
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
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