My creditors meeting was yesterday at 3pm

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madmaisy2017
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by madmaisy2017 » Fri Sep 22, 2017 8:48 am
My creditors meeting was yesterday at 3pm. I phoned at 4.30pm as they said it would only take approx 25 mins then they would phone me directly afterwards, which they never. Anyway outcome was it has been adjourned until today at 3pm because of 1 creditor.
I thought you only needed 75% value of approval to get a yes, so dont understand why it has to go ahead again today !!
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Foggy
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by Foggy » Fri Sep 22, 2017 10:00 am
You aren't with Creditfix by any chance, are you ? This seems to be their usual mode of operation ..... there are several possibilities as to why. They could be seeking a further "yes" vote to swing the result or, this creditor has claimed not to have had enough time or received incomplete information.
madmaisy2017
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by madmaisy2017 » Fri Sep 22, 2017 10:22 am
No not with creditfix, i am with payplan. I was on a DMP with stepchange but the interest was just mounting and i thought this is never going to end, so sought other avenues. I just want to see an end like everyone else on here.
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kallis3
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by kallis3 » Fri Sep 22, 2017 10:27 am
It could be that this creditor has a big enough amount to swing the vote one way or the other, hopefully it will go ok later.
madmaisy2017
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by madmaisy2017 » Fri Sep 22, 2017 10:31 am
Thanks for replies.
Will this creditor know what the others have voted or are they all in the dark until they get told we have the 75% or more
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Michael Peoples
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by Michael Peoples » Fri Sep 22, 2017 10:54 am
Some creditors ask for more information before they make a decision and if they are more than 25% of the vote the IP has no option other than to adjourn and provide whatever is requested. This can be frustrating especially if the request is last minute but your IP should keep you entirely in the loop as to what is going on and why.
madmaisy2017
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by madmaisy2017 » Fri Sep 22, 2017 12:34 pm
Thanks will let you know in a while what my outcome is
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luluj
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by luluj » Fri Sep 22, 2017 12:41 pm
Got my fingers crossed for you x
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Lisa Thomas
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by Lisa Thomas » Fri Sep 22, 2017 2:11 pm
Either they didn't get any votes, or the majority of creditors that did vote, voted no.

You have to get 75% in value of those voting for it to go through.

However your Case Manager should have been able to tell you this and should have called you straight after the meeting to let you know the outcome.

It's not a good start.
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kallis3
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by kallis3 » Fri Sep 22, 2017 2:21 pm
Have you had any news?
madmaisy2017
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by madmaisy2017 » Fri Sep 22, 2017 3:30 pm
Hi all,Just to let you know my IVA has been approved. I have to pay 72 months instead of 60 so i dont have to re-mortgage house. I feel so relieved but also scared as i know i can't miss a month, and we just don't know what the future holds work and health wise. But fingers crossed in 72 months i will be 62 years old but debt free.
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kallis3
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by kallis3 » Fri Sep 22, 2017 3:32 pm
Really good news - so glad you were accepted.
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Foggy
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by Foggy » Fri Sep 22, 2017 3:33 pm
Good news. Make doubly sure that the extension is in lieu of equity and that the Chairman's Report (when you get a copy) categorically states that the house is an excluded asset.
madmaisy2017
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by madmaisy2017 » Fri Sep 22, 2017 9:09 pm
will do Foggy thank you
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luluj
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by luluj » Sat Sep 23, 2017 3:45 am
Great news - break it down into stages ..... 72 payments .....

12 payments is 1/6th of the way
36 payments is 50% of the way snd on the homeward stretch

Think of it as a loan ..... tick the months off - promise once settled into a routine and budgeting ...it will go quickly x
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