I am 34 months into an IVA Agr

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nothappyaboutiva
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by nothappyaboutiva » Fri May 11, 2018 8:58 pm
I am 34 months into an IVA Agreement of 60 months totalling £400k. I am looking to end the agreement early through the means of selling a property or remortgaging.

A variation meeting will be held next week which I have asked the IP to arrange. I have been told today by the IP that one of the creditors has refused the proposal. What does this mean for the variation meeting? Can the IVA be finished early or will I have to complete the full term of 60 months?
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luluj
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by luluj » Sat May 12, 2018 4:13 am
The variation meeting to complete by a full and final offer is the same as the original iva creditors meeting in that you need 75% or more of those creditors voting to agree to it, so having one reject it does not necessarily mean not agreed.

If you are unlucky in not getting the f&f agreed your iva will continue as was each month until its conclusion.

Your IP should be trying to engage with those creditors who say no to estanlish why to see if minor modifications would encourage them to say 'yes'.

Fingers crossed other creditors say 'yes' for you !
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kallis3
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by kallis3 » Sat May 12, 2018 8:04 am
Bear in mind you won't be able to remortgage and your property will have a restriction which will need to be removed before you sell it.
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Foggy
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by Foggy » Sat May 12, 2018 8:45 am
All will depend on the voting pwer of the creditor involved and whether the "Yes" votes outnumber him on the day. To get through you will need 75% in favour, based on their loan values, of those that actually take the trouble to vote. So, if this creditor has more than 25% of your debt he can carry the vote his way.
debt-less
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by debt-less » Sat May 12, 2018 12:31 pm
nothappyaboutiva wrote:
I am 34 months into an IVA Agreement of 60 months totalling £400k. I am looking to end the agreement early through the means of selling a property or remortgaging.

A variation meeting will be held next week which I have asked the IP to arrange. I have been told today by the IP that one of the creditors has refused the proposal. What does this mean for the variation meeting? Can the IVA be finished early or will I have to complete the full term of 60 months?


May I ask who the OC's (Originating Creditors) are please, and for what form of account i.e personal loan, credit card companies in order to assist?

Thanks

debt-less
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kallis3
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by kallis3 » Sun May 13, 2018 8:17 am
Hi,

I doubt you can assist as the OP is in an IVA and, unless it fails, he is stuck with it unless his creditors agree his full and final offer.

Good of you to offer though.
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