proposal sent last week, letter today a creditor offering to 1/2 the minimum payment

Get expert opinion. This is the place for new questions to be posted.
36 posts Page 2 of 3
User avatar
Foggy
Forum Expert
Posts: 22892
Joined: Fri Dec 17, 2010 11:14 am
Contact
by Foggy » Thu May 11, 2017 9:26 am
Johng79 wrote:
ah right. mccambridge duffy advised me that i would start receiving modification emails from them in the lead up, but just wasnt sure when that would start.


It will only start if and when they get a modification you will need to agree to ... might not happen at all ... might be the last minute ... no way of telling.
Johng79
Posts: 110
Joined: Sun Mar 12, 2017 8:12 am
by Johng79 » Thu May 11, 2017 9:29 am
Will reserve judgement on that until next friday after meeting.....
User avatar
Michael Peoples
Industry Expert
Posts: 14966
Joined: Mon Nov 03, 2008 12:36 pm
Contact
by Michael Peoples » Thu May 11, 2017 9:31 am
It does depend on the creditor. Some like HMRC vote early whereas others may not vote until the day. The modifications will be attached to the votes so normally what we do is wait and see the total voting outcome to see which modifications have to be accepted and which can be rejected. If a creditor owed more than 25% of the total debt submits a modification it has to be accepted or amended as it cannot be rejected. Smaller debts can be outvoted by the bigger players.
User avatar
Foggy
Forum Expert
Posts: 22892
Joined: Fri Dec 17, 2010 11:14 am
Contact
by Foggy » Thu May 11, 2017 9:35 am
I would say, John, that you are in the hands of one of the best firms I have come across. I am not allowed to recommend specific companies -- but if I were ever back in the same position as I was in 2010 ( God forbid) I know who I would be phoning !

You are in safe hands.
Johng79
Posts: 110
Joined: Sun Mar 12, 2017 8:12 am
by Johng79 » Thu May 11, 2017 9:38 am
Cheers Michael. To be honest im prepared for modiifications, including increased contributions and even extension to 6 year iva if that is what helps to get it through. Is it worthwhile me contacting yourselves to advise such or will creditors just state what they require end of story?
User avatar
kallis3
Forum Expert
Posts: 71448
Joined: Mon Mar 17, 2008 4:02 pm
Contact
by kallis3 » Thu May 11, 2017 9:43 am
You are with one of the best. If Michael needs to know anything he will contact you.
User avatar
Michael Peoples
Industry Expert
Posts: 14966
Joined: Mon Nov 03, 2008 12:36 pm
Contact
by Michael Peoples » Thu May 11, 2017 11:50 am
We will see what creditors say first. If necessary we can then propose counter offers but generally there is little in the way of amendment to the proposal other than in relation to our fees.
Johng79
Posts: 110
Joined: Sun Mar 12, 2017 8:12 am
by Johng79 » Wed May 17, 2017 4:24 pm
well got my first modification (just ip fees) yesterday from barclays which i accepted. Sadly its only 5% of debt, and was only vote received at that stage. Kind of hoped to see mods coming from biggest creditors at this stage.
User avatar
kallis3
Forum Expert
Posts: 71448
Joined: Mon Mar 17, 2008 4:02 pm
Contact
by kallis3 » Wed May 17, 2017 4:31 pm
Fingers crossed - it should be ok.
User avatar
Michael Peoples
Industry Expert
Posts: 14966
Joined: Mon Nov 03, 2008 12:36 pm
Contact
by Michael Peoples » Thu May 18, 2017 9:41 am
This shows how creditors are viewing the proposal so even a small acceptance is a good sign.
Johng79
Posts: 110
Joined: Sun Mar 12, 2017 8:12 am
by Johng79 » Thu May 18, 2017 9:59 am
michael,

Just got modifications from biggest creditors, wanting to cap pension deduction to 4% of gross salary. I am in civil service and this is deducted before i get paid each month. I work it out its slightly over 4%? Any advice??
User avatar
kallis3
Forum Expert
Posts: 71448
Joined: Mon Mar 17, 2008 4:02 pm
Contact
by kallis3 » Thu May 18, 2017 10:02 am
I would suggest speaking to Michael directly rather than via the forum.
User avatar
Foggy
Forum Expert
Posts: 22892
Joined: Fri Dec 17, 2010 11:14 am
Contact
by Foggy » Thu May 18, 2017 10:06 am
You are already in a scheme with defined payments which you are unable to alter (one way or the other) -- they will have to accept this !
Johng79
Posts: 110
Joined: Sun Mar 12, 2017 8:12 am
by Johng79 » Thu May 18, 2017 10:08 am
it says i dont accept it will be rejected. How can i contact michael directly.
User avatar
Foggy
Forum Expert
Posts: 22892
Joined: Fri Dec 17, 2010 11:14 am
Contact
by Foggy » Thu May 18, 2017 10:12 am
Johng79 wrote:
it says i dont accept it will be rejected. How can i contact michael directly.


Have a look here: http://www.mccambridgeduffy.co.uk/ and give the number you prefer to use a ring and ask for Michael ( he might have to call you back if engaged ).
36 posts Page 2 of 3
Return to “Ask IVA Forum and Industry experts”

Who is online

Users browsing this forum: Foggy and 4 guests