I am after some advice on my Iva proposal. My proposal has been approved but with a modification requested by my main creditor that my practioner reduces there fees ( credit fix). They have there fixed fees and made it clear this wont happen and i should just go forward and reject the mod and wait out the 28 days they get to contest the refusal. I have been told it is very highly unlikely my creditor will bother going to court over this due to costs involved and my Iva will go ahead despite this. Im just after a bit of advice on if any of you guys agree that the creditor will just accept the modification wont get met or if u think they might challenge it and possibly reject. They have no issues with my proposal of payments just the practioner fees. Thanks in advance
This is because CF ask for higher fees than most firms and the creditors (rightly) do not like it. I am only guessing, but, we have seen a lot of CF proposals being rejected / adjourned like this with no real explanation. So far most of them have finally been accepted -- I have no idea which side backed down.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
cheers for the reply. The lady i spoke to in the meeting team explained its approved and i can cancel my d.debits/ payments etc and that she's not had a case with same scenario actually challenged further. Im 80/90 % over the moon but i guess will be a bit on edge for next 4 weeks
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
The meeting team told me it's been approved despite a creditor putting a mod in. Im a bit miffed in whether its actually approved or adjourned until the 28 days have lapsed
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
Yeah i hope so kallis, just 1 creditor wrangling over credit fix fees but i guess they wont want the costs of going back to court. Meeting team seem very confident so we how it goes. Thankyou for your reply
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
Yeah it was Monday afternoon and approved but with main creditor putting in a mod asking credit fix to reduce there fees. They wont do this so creditor has 28 days to go to court or just accept that they wont budge. The meeting team told me all other cases similar have gone thru as the creditors wont want to incurr the costs of going to court over it.
Luckily it will be a creditor without the voting clout to swing it, if they did have the clout the proposal would have been rejected unless CF backed down.
It is reprehensible that CF are playing with people's IVA proposals in order to get more in fees.
Might I ask what fee structure they have proposed ?
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
