IVA rejected what are my options

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keall
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by keall » Thu Aug 16, 2018 1:16 pm
how soon after an iva is rejected can i look into other options,for example a DMP
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Foggy
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by Foggy » Thu Aug 16, 2018 1:24 pm
If you mean the creditors rejected it at the initial meeting you can look right away. If the IVA has failed you will need to wait for the termination notice from the IP.
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Foggy
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by Foggy » Thu Aug 16, 2018 1:27 pm
Have CF told you why it was rejected ? If you are looking at a DMP I would suggest one of the "charity" firms like Payplan or Stepchange, as they do not charge fees on DMPs, being funded by the banks.
keall
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by keall » Thu Aug 16, 2018 1:45 pm
Foggy wrote:
Have CF told you why it was rejected ? If you are looking at a DMP I would suggest one of the "charity" firms like Payplan or Stepchange, as they do not charge fees on DMPs, being funded by the banks.

Hi foggy. my credit meeting was ajourned twice and hopefully taken place today as its 14 days from the original date. With it being ajourned twice it makes me wonder if it will go through at all as the creditor in question is holding 53% of the vote (dont know who they are) but thats,a big swing needed.
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kallis3
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by kallis3 » Thu Aug 16, 2018 1:48 pm
You may be ok.
keall
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by keall » Thu Aug 16, 2018 2:59 pm
kallis3 wrote:
You may be ok.

well the meeting was scheduled for 2pm and i understand this can change and i've not heard anything yet.
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Foggy
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by Foggy » Thu Aug 16, 2018 3:28 pm
Another of CF's failings is communication ... you might need to call them.
keall
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by keall » Thu Aug 16, 2018 3:46 pm
Foggy wrote:
Another of CF's failings is communication ... you might need to call them.

just had a call from cf...they want me to re submit the proposal as they've said there wasnt enough support for it to go forwards,when i pushed they said it was lack of voters...not sure what to do now.
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Foggy
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by Foggy » Thu Aug 16, 2018 3:53 pm
keall wrote:
Foggy wrote:
Another of CF's failings is communication ... you might need to call them.

just had a call from cf...they want me to re submit the proposal as they've said there wasnt enough support for it to go forwards,when i pushed they said it was lack of voters...not sure what to do now.


Ask them for the Chairman's Report of the meeting -- from that you can tell who voted and how. Basically you are back to square one because they didn't work hard enough to get votes in --- or your creditors are so apathetic as not to want to bother themselves (which you can't blame CF for).
keall
Posts: 19
by keall » Thu Aug 16, 2018 4:17 pm
Foggy wrote:
keall wrote:
Foggy wrote:
Another of CF's failings is communication ... you might need to call them.

just had a call from cf...they want me to re submit the proposal as they've said there wasnt enough support for it to go forwards,when i pushed they said it was lack of voters...not sure what to do now.


Ask them for the Chairman's Report of the meeting -- from that you can tell who voted and how. Basically you are back to square one because they didn't work hard enough to get votes in --- or your creditors are so apathetic as not to want to bother themselves (which you can't blame CF for).

so was this,a rejection yhen or not?
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Foggy
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by Foggy » Thu Aug 16, 2018 4:49 pm
You submitted the original proposal and the meeting was then adjourned several times, while CF tried to get more creditors to vote positively --- they failed and, as I understand it, a creditors meeting can only be adjourned a set number of times. This has happened and they are suggesting submitting a new proposal, possibly amended to make it more inviting, I don't know, so that they can have another few stabs at it, rather than exploring your options as most other reputable firms would do. Much would depend on why the rejectors said no and what can be done, if anything, to correct this.

CF do not appear to be working with you, rather they are set on their own course and you are an afterthought ! Most IP's would be working with you to seek a solution.
keall
Posts: 19
by keall » Thu Aug 16, 2018 5:21 pm
Foggy wrote:
You submitted the original proposal and the meeting was then adjourned several times, while CF tried to get more creditors to vote positively --- they failed and, as I understand it, a creditors meeting can only be adjourned a set number of times. This has happened and they are suggesting submitting a new proposal, possibly amended to make it more inviting, I don't know, so that they can have another few stabs at it, rather than exploring your options as most other reputable firms would do. Much would depend on why the rejectors said no and what can be done, if anything, to correct this.

CF do not appear to be working with you, rather they are set on their own course and you are an afterthought ! Most IP's would be working with you to seek a solution.

ive just been in contact with them and they say was not enough votes to go either way so i can only conclude that only 2 voted and the 53% creditor said yes but the 47% said no so a hung vote? i know there was a 53% voter as i was rold so..
keall
Posts: 19
by keall » Thu Aug 16, 2018 5:22 pm
keall wrote:
Foggy wrote:
You submitted the original proposal and the meeting was then adjourned several times, while CF tried to get more creditors to vote positively --- they failed and, as I understand it, a creditors meeting can only be adjourned a set number of times. This has happened and they are suggesting submitting a new proposal, possibly amended to make it more inviting, I don't know, so that they can have another few stabs at it, rather than exploring your options as most other reputable firms would do. Much would depend on why the rejectors said no and what can be done, if anything, to correct this.

CF do not appear to be working with you, rather they are set on their own course and you are an afterthought ! Most IP's would be working with you to seek a solution.

ive just been in contact with them and they say was not enough votes to go either way so i can only conclude that only 2 voted and the 53% creditor said yes but the 47% said no so a hung vote? i know there was a 53% voter as i was rold so..

oh and also they said submit the same proposal...
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