The incolvency exchange

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Oya
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by Oya » Sat Mar 11, 2017 9:10 pm
Why does most of my creditors address to the insolvency exchange on my proposal? I am confussed about this as well..
A huge thanks for all of you being so patient with my endless questions
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Foggy
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by Foggy » Sat Mar 11, 2017 9:23 pm
TiX ( The Insolvency Exchange) act as agents on behalf of many creditors. These agents often also purchase debts as well as administer them. You might also notice Max Recovery appearing as well.
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Oya
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by Oya » Sat Mar 11, 2017 9:35 pm
Foggy wrote:
TiX ( The Insolvency Exchange) act as agents on behalf of many creditors. These agents often also purchase debts as well as administer them. You might also notice Max Recovery appearing as well.

I have one max recovery. Is that mean one company will decide for many? Thats scary then as shop direct is also TIX as well as my biggest creditors :(
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Oya
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by Oya » Sat Mar 11, 2017 9:38 pm
Foggy wrote:
TiX ( The Insolvency Exchange) act as agents on behalf of many creditors. These agents often also purchase debts as well as administer them. You might also notice Max Recovery appearing as well.

I have just calculate they have £12k worth of my creditors nearly half of what i owe.. here is another reason to worry for me :(
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kallis3
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by kallis3 » Sat Mar 11, 2017 10:32 pm
Max Recovery had a lot of mine as well - they are usually fine.
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Oya
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by Oya » Sat Mar 11, 2017 11:05 pm
kallis3 wrote:
Max Recovery had a lot of mine as well - they are usually fine.

I only have one max recovery .. nearly half of my creditors fairly big ones with insolvency exchange.. do they give the same vote for all or consider for each creditor individualy? As i was worring about shop direct i had a very account september and november purchase on it. But i thought every creditor decide by themself.. i am very worried now :(
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luluj
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by luluj » Sun Mar 12, 2017 8:06 am
Your IP will have considered this when writing the proposal - if there was any concern or doubt your iva would be rejected I am sure they would not have submitted it for approval - try and stay positive although I remember how hard that was.
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luna
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by luna » Sun Mar 12, 2017 8:12 am
Hi

The main thing is the comparison against bankruptcy where creditors can get nothing.

We found Stepchange to be really good overall.

Good luck.
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Oya
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by Oya » Sun Mar 12, 2017 8:59 am
luluj wrote:
Your IP will have considered this when writing the proposal - if there was any concern or doubt your iva would be rejected I am sure they would not have submitted it for approval - try and stay positive although I remember how hard that was.

I am worried because i made purchase from very within 6 months and i hear they did rejected for that reason some proposal. I thought very share a very little within my total debt i should be alright. But realised nearly half of my creditors will use insolvency exchange including VERY now i am worried if the vote same for all creditors or do they examine all creditors individually and decide yes or no.. would they be saying no for some yes for others? Sooo worried couldnt sleep last night :(
Last edited by Oya on Sun Mar 12, 2017 9:03 am, edited 1 time in total.
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Oya
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by Oya » Sun Mar 12, 2017 9:01 am
luna wrote:
Hi

The main thing is the comparison against bankruptcy where creditors can get nothing.

We found Stepchange to be really good overall.

Good luck.

I feel Stepchange is brilliant as well but cant stop worrying as this 1 company has majority of my creditors. Feel like what they say will goes :(
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Michael Peoples
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by Michael Peoples » Mon Mar 13, 2017 9:24 am
Even if Shop Direct ask for the proposal to be rejected because of recent spending, TiX will vote for the other creditors based on their criteria so you should be fine if the proposal is otherwise fine.
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Oya
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by Oya » Mon Mar 13, 2017 9:36 am
Michael Peoples wrote:
Even if Shop Direct ask for the proposal to be rejected because of recent spending, TiX will vote for the other creditors based on their criteria so you should be fine if the proposal is otherwise fine.

Thank you Michael i was very worried as 1 company holding most of my creditors enough to reject my iva.. i thought they put all 10 account on the same table give 1 vote for all. Its relief to know every creditors will get their own vote so tix might as well could give some yes some noes is that right?
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Michael Peoples
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by Michael Peoples » Mon Mar 13, 2017 9:56 am
Absolutely. For example, TiX vote for NRAM who ask for six year IVAs but when TiX vote they only put this condition in for the NRAM debt. In effect you could use the other TiX creditors to outvote the six year IVA even though it was TiX who put all the votes forward. They have to vote according to the criteria of each creditor otherwise you could have a case of 'the tail wagging the dog'.

Best of luck with the meeting but I am sure you will be fine.
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Oya
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by Oya » Mon Mar 13, 2017 10:41 am
Michael Peoples wrote:
Absolutely. For example, TiX vote for NRAM who ask for six year IVAs but when TiX vote they only put this condition in for the NRAM debt. In effect you could use the other TiX creditors to outvote the six year IVA even though it was TiX who put all the votes forward. They have to vote according to the criteria of each creditor otherwise you could have a case of 'the tail wagging the dog'.

Best of luck with the meeting but I am sure you will be fine.

Thank you very much Michael.. i was feeling like fighting against a company who hold the faith of decision. I will now try not to think about it an concentrate my life until the big day.. I appreciate your reply is really help me to calm down.. have great week.. :)
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moira717
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by moira717 » Tue Mar 14, 2017 1:55 pm
Hi soya, my creditors meeting is on 4th. Day after yours. Let's hope we both get good news.
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