You should have had a report detailing the voting -- was it just one large creditor who declined, or several ?
kallis3 wrote:We had way too much equity in our house and had no problems.
I think you possibly could speak to more companies.
That's good to know. I hopefully will hear from her today. I'm beginning to think the same myself now. There seems to be so many companies out there that it's a minefield on who to pick. What I do know, s that I really could do with a good nights sleep.
MerlinL14 wrote:I know some people poo poo the big IVA companies as being too impersonal, me included, however they do seem to be the one's who have a lot more 'clout' when it comes to proposing the IVA to the creditors. It may not be an 'ideal' 5-6 years but it maybe worth going down the route of a big company. They will have better stats on whether the proposal is viable or not and in most cases will never put forward something they feel has less than a 90% chance of being accepted.
They might have more "sway", being creditor driven, but sometimes start the debtor off in an already impossible to maintain arrangement. None of them will put forward a proposal they do not think will go through -- they don't get paid otherwise ! As you alude -- it does depend on the complexities of the matter at hand as well ..... Easyjet is OK for a hop to Spain, but a transatlantic flight would be a nightmare !
Lisa Thomas wrote:from repossession of the property.
The Nominees report would have reflected this and must have warned the debtor there was a chance of this happening as it sounds as if the IVA was not as/more attractive than Bankruptcy.
I was given no warning about having to sell my house. I have just gone along with what I have been told. If that was the issue, I can assure you I would have raised a concern. You must remember I am not a seasoned practitioner like you, and I can only go on what the experts have told me as such. Fortunately my wife’s parents are willing to put the extra monies in regardless of the amount.
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