[Foggy]

Lisa / Keith ... much will depend on the whole set of figures in play here, of which we have no real knowledge. Creditor instigated BR can be a costly business as, I believe, fees are on the high side, relative to an IVA, and this might not be the final outcome. The creditor with the current voting power could simply be a habitual refuser. Hopefully the IP involved can talk other creditors into providing enough "yes" votes to make this objection powerless, as they seem to be trying to do.

[kallis3]

We have all been there - thankfully we found the forum for help and advice and support.

[Lisa Thomas]

The IP should have written to you and explained why they felt an IVA was more suitable than Bankruptcy and the pro's and cons.

The Nominee report has to report to creditors on why they should accept the IVA when compared to Bankruptcy.

The financial Estimated Comparison Statement should have compared Bankruptcy with the IVA.

All of things things should have reflected on the position that the property would likely be repossessed and sold in Bankruptcy.

[Yogi17]

The paperwork I received showed that creditors would receive more from an Iva than bankruptcy. However I was never told that bankruptcy was a possibility. I’m beginning to think I have either been given the wrong information or not informed correctly

[Lisa Thomas]

Look at the original engagement and other letters to you from your IP.

Did you ever meet them and have a face to face meeting?

They should have set out all of the options and the risks and ramifications of what might happen if the IVA was rejected, this should be in the original correspondence, the IVA proposals themselves and the Nominees report.

[kallis3]

Yogi - I certainly recommend you speak to someone else.

[Yogi17]

Look at the original engagement and other letters to you from your IP.

Did you ever meet them and have a face to face meeting?

They should have set out all of the options and the risks and ramifications of what might happen if the IVA was rejected, this should be in the original correspondence, the IVA proposals themselves and the Nominees report.

No I’ve never met them once. I have dealt with four different persons during this period. Firstly the guy who took my initial phone call. Then two different ladies who I sent all the required information to. Then the first time I ever spoke to the administrator was on Monday, when she told me it had been rejected. I have emailed her since and had no replies, I’m really getting stressed out now.

[Yogi17]

Ok, I phoned yesterday afternoon at 4-30ish and apparently both of the people I needed to speak to had gone home. The guy said I would get a call first thing. It’s now nearly 12 o’clock and nothing. I have phoned again and had no call back or reply’s to my emails. I think it is time to speak to another IP, as I’m not getting a good feeling about this whole carry on at all.

[Foggy]

Ok, I phoned yesterday afternoon at 4-30ish and apparently both of the people I needed to speak to had gone home. The guy said I would get a call first thing. It’s now nearly 12 o’clock and nothing. I have phoned again and had no call back or reply’s to my emails. I think it is time to speak to another IP, as I’m not getting a good feeling about this whole carry on at all.

Who are you dealing with at the moment ?

[kallis3]

Please let us know who it is and I do think you need to take more advice.

[Yogi17]

Sorry about the delay replying, I've been working all weekend. I spoke to a lady at the company dealing with my Iva. She said they are trying to get the non voters to vote over the next week. I told her that we can put more money into the Iva (through my wife's parents) to get it accepted. My wife is suicdal atm, and really struggling. My wife and mother in law are really worried for my youngest because of his special needs, and his school is the only one geared up for him. With the threat of having to sell our home, he would have to move schools and it would be devastating for him. I'm hoping they can get this over the line, and I have told them we will pay whatever is needed into the Iva. Or whatever route we need to take as long as we don't loose our house.

[kallis3]

Fingers crossed - hope it all works out.

[Yogi17]

Fingers crossed - hope it all works out.

Thanks, I've just about got everything crossed