The IP has a DUTY to call the meeting within 21 days and given at least 14 days notice to the creditors of the meeting.
You need to make a written complaint.
16 weeks to simply write the report is not only wrong but a farce.
I wrote on the 17th May to request confirmation that all of my documentation had been received and nothing further was needed from me at this time. (I had not received any acknowledgements to my previous emails when I sent documentation through, despite my requests for such). No reply received so I sent a stronger email copying in the complaints email address on the 24th May insisting that I get a response by return.
This is what I received yesterday (25 May)
We did response to your email dated 17th May 2017 on 18th May 2017 at 9.10am and advised the following
Thank you for your email.
I can confirm receipt of your documents. Your case is currently with the Variation Team who will draft the variation report. This can take up to 16 weeks and will be issued to you via post and email. Once approved by yourself a meeting will be set. A 28 day notice period will need to be given to your creditors. A member of the MOC team will contact you on the day of your meeting and advise you of the outcome.
I hope this clarified the current status of your account.
I was told originally when I enquired about making a full & final offer that it could take a couple of months and was I happy to continue making the £354 a month payment which I said I was. On this basis I could be paying an additional £2k on top of the £6k F&F offer I've made.
Are there any protocols or industry rules I can quote? There seems to be no urgency at all!
This is really stressing me know and would appreciate any advice.
Now I am looking at the figures on paper I am concerned about the reduced pence in the £ amount and whether this will be accepted.
Our original proposal had total contributions of £21,240 (£354 per month) with equity of £26,775 giving a total of £48,015. This gave 38p in the £ after expenses.
The proposed variation has contributions to date of £15,576, plus PPI claims £4,274 with a additional lump sum offered of £6,018. This gives a total of £25,868. This gives 16p in the £ after expenses.
The difference is down to the equity amount in the original proposal but my understanding is that it would be highly unlikely we could get a remortgage and therefore have to extend by 12 months. This would give an additional £4,248. On this basis the total contribution would be similar and return about 16p in the £. However, this isn't brought to the creditors attention. Will they be aware that the equity is unlikely to be available and be able to appreciate that the offer made is very similar to the outcome if the IVA is allowed to run it's course with the extra 12 months? I am surprised that the report doesn't mention this but is this because the creditors will already appreciate this fact?
Finally, the contribution includes payments to 31 May but I have made another since and likely to be at least one more. These payments aren't included in the variation report (As they hadn't been received when drafted) What happens to the payments I continue to make? I am happy to allow them to be included in the offer but how do he creditors know that?
As always your comments/thoughts appreciated.
You can also ask the IP to provide some information about what the estimated dividend would look like if the variation is not accepted and the IVA is extended and continues on etc.
Who is onlineUsers browsing this forum: kallis3 and 16 guests
Ask the IVA Experts a QuestionSimply complete form and you will get an answer from our IVA Experts (multiple replies within an hour *)
* Any use of this forum is conditional on you having read and agreed to our terms and conditions.
* If you enter your phone number, Vincent Bond and Co Ltd will give you a courtesy call to ensure that your question has been answered.
* The question will be posted on our forum, we will email you the location