as i was contemplating our situation..(blog will explain)..i decided to get out all the IVA paperwork today and read every single word on every single piece of paper...and have only just realised something
altho OH and i are are doing a joint /interlocking IVA.....and the IP notified us of "our " creditors mtg...as far as i know we didnt have 2 seperate ones....but the chairmans report/letter re acceptance which we thought were identical...are different
not in any way that seems to affect us ...but his comes with 15 minor and almost non important modifications..(and i mean non important) and mine came with NO modifications...
any idea why seemingly the same proposals and the same outcomes and joint payments etc would have this..
cant believe we didnt even spot it as it all looked identical
IVA completed 11th Dec 2009 due to a Full and Final with the fantastic help of Michael Peoples and
Mc Cambridge Duffy
Mine and OH is same - he got around 30 mods listed and I got around 50!!! [:0]
I was told it because despite us being considered as a couple the debts were each individual - mine were more than OH and to different companies - hence each creditor brought their own list of mods to the table and so his report only has the ones that his creditors brought and mine has all the ones my creditors brought. I had NR so they put in a load!
However many of them are same or slightly contradict each other and our IP has assured us that we go with the ones that benefit us most of any doubt!
Love the new name by the way - well done hun xx
"Hope is the feeling you have that the feeling you have isn't permanent." - Jean Kerr
IVA approved Aug 2008 - 6 year term - last payment made 6 Oct 2014. CC received 14 Nov 2014.
This is not an uncommon scenario. Even in a sole IVA there are always going to be conflicting modifications
What ought to happen is that the creditors submitting the conflicting modifications should have have been contacted and resolution sought resulting in either one modification being withdrawn or a compromise was met between the creditors. Inevitably it would have probably meant an adjournment to the meeting of creditors whilst this was done, but at least one resolution would have been put forward and either accepted or rejected by the debtor.
It is perhaps doubly difficult in an interlocking IVA as there are two sets of modifications to be dealt with. I believe that were Chairman's Reports have not followed the above and recorded conflicting modifications, a legal opinion may have to be sought as to how best to deal with it. Perhaps the Supervisor is going to have to produce a definitive list of modifications by dealing with conflicting modifications himself, retaining that which produces the better return to creditors and discarding the other. Once the list is prepared, convene a variation meeting to gain approval of the proposals as modified by the single list of modifications. The costs of such a meeting should be borne by the Supervisor since it was his / her error.
Til, I do not believe the response given to you was the right one. Where resolution is sought to conflicting modifications, it will always be in the best interests of creditors and not the debtors.
Last edited by Cybus on Fri Sep 05, 2008 8:58 pm, edited 1 time in total.
Fortunately I have had it in writing from IP that any conflicting mods would mean they use the one in our favour - not that I would expect that to hold for certain if it came to legalities. However that said it makes no real difference to us as the clauses in ours that do contradict each other do not differ so greatly that any one of them would not be ok with us. We were lucky there I guess.
However good point for anyone else who gets their chairmans report - if there were conflicting ones where some were acceptable and others not, best to clarify before signing.
"Hope is the feeling you have that the feeling you have isn't permanent." - Jean Kerr
IVA approved Aug 2008 - 6 year term - last payment made 6 Oct 2014. CC received 14 Nov 2014.
it is so interesting reading all the different outcomes of creditors meetings...modifications etc....the mods on my OH report are all general ones that talk about.."if you miss 2-3 mths "...and about any "windfall"...we have no 4th year clause..no overtime clause etc....we must have got a sleepy creditors meeting...yet as i read others the modifications are really detailed and to have 50.!!! yikes.!!
IVA completed 11th Dec 2009 due to a Full and Final with the fantastic help of Michael Peoples and
Mc Cambridge Duffy
Modifications which conflict should be deconflicted prior to confirming the IVAs accepted. If this has not happened then the modification which provides the worst case to the debtor must prevail.
I cannot understand why the modifications were not specifically discussed with you at the time of the meeting. It is not good to only becoming aware of these at this stage, and your IP should have confirmed that you understood these terms before the IVAs were accepted.
I can only speak for myself here, but, during the initial phone call to tell us the IVA had gone through, there was a certain feeling of 'rabbit in the headlights' and most of the conversation was obliterated by the feeling of 'woohoo'.
Elvis could have passed through my living room riding shergar and i don't think i would have noticed.
Aucto Splendore Resurgo.
IVA accepted May 2007.
Extended by 12 months in lieu of equity March 2012.
F+F offer accepted May 2012.
C of C received August 2012.
IVA dropped off credit file 24th May 2013.
olympic_torch wrote:
I can only speak for myself here, but, during the initial phone call to tell us the IVA had gone through, there was a certain feeling of 'rabbit in the headlights' and most of the conversation was obliterated by the feeling of 'woohoo'.
Elvis could have passed through my living room riding shergar and i don't think i would have noticed.
I absolutely agree with this. I had to phone a few hours later and clarify everything that was said, as I don't think I took half of it in.
Hopefully, if our IVA is accepted, after the initial shock, when I receive the Report, I will check it through, usually just scan through things, naughty I know [:)]
IVA accepted 13/11/2008..17 payments down,55 to go..
There was a part of me that thought,"don't be awkward or rock the boat,coz they might say no"
I was just so glad to get things sorted out.
Aucto Splendore Resurgo.
IVA accepted May 2007.
Extended by 12 months in lieu of equity March 2012.
F+F offer accepted May 2012.
C of C received August 2012.
IVA dropped off credit file 24th May 2013.
Aucto Splendore Resurgo.
IVA accepted May 2007.
Extended by 12 months in lieu of equity March 2012.
F+F offer accepted May 2012.
C of C received August 2012.
IVA dropped off credit file 24th May 2013.
