approved 16p/pound: every case judged on merit!

[ruby]

My Iva has recently been aproved. I'm a little confused about the chairmans report and wondered if someone could clarify something for me as I cant talk to my case officer until monday.

In the report it states that 3 creditors voted in favour (total of 17k), it then says 100% of the total value of the creditors present or by poxy and voting on the proposals. Then it states that No creditors voted against the proposal.

I am a little worried because I have 4 creditors in total and this last creditor is not mentioned on the report and this one has 20k of debt. Although, all 4 are mentioned on the list of creditors attached to the back of the report.

Should I be worried?

Thanks

Ruby

[may07]

No Ruby dont be worried! I cant remember the perecentages of the creditors who have to agree for it to go through but I think its 25%. Its sounds like your biggest creditor was informed but didnt contribute to the creditor's meeting. Once a creditor has been informed and from the mention of them on the report it would seem they were they have to go along with the decision, whether they contribute to the meeting ot not. It was approved and it couldnt have been otherwise -so please dont worry! Welcome to the IVA trail!
May

[MelanieGiles]

Hi Ruby

The required vote for a creditors meeting to accept IVA proposals is 75% of those creditors who choose to vote. In your case this is 100% so you have nothing more to worry about.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk

[may07]

Thats it Ruby I got the % wrong its if only 25% dont agree but same result as Melanie has borne out! Glad to see youre still up Mel any chance of an answer to my earlier question?
May

[ruby]

Thanks May and Melanie.

I wanted to be pleased and now I can be. It would have been better if, in the report itself they had stated that this creditor didn't contribute, to save confusion......or maybe I was just being a bit dim!

Anyway, for all those people who are just looking into an IVA, get yourselves good advice - it costs nothing and will make you feel so much better. I owed over 37k and my monthly payments are £160 per month, which is a very low return, but all I can afford! I dont have a property so there will not be a full and final settlement either.

Don't feel that because you have a low income the creditors wont be interested because they look at your circumstances.

My Iva took 7 weeks from the initial phone call and i've not been chased by any creditors so its not all doom and gloom. Make sure you do what is asked by your case officer immediatly and talk to them about any worries.

Thank you again

Ruby

[n_b]

Hi Ruby,

Can I ask which IP you used ?

n_b [:)]

[ruby]

I'm with Payplan.....They have worked really hard on my behalf and I would not hesitate to recommend them.

[MelanieGiles]

Hi Ruby

I am a little curious about your IVA - 60 monthly payments at £160 gives an overall pot of £9,600 after IP fees leaving little to the creditors. What dividend were you offering?

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk

[ruby]

The percentage is 16%. I was surprised that is was approved too.

[MelanieGiles]

Amazing! Could you also let me know which creditors supported this dividend, as this is useful for my own market research.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk

[ruby]

Cahoot, Alliance and Leicester and Thames Credit all voted yes.
However I would like to point out to other forum readers - especially those starting out on the IVA process that, in my opinion, it is not usual for them to accept such a low return. I am assuming that they realised this was the only way they would have got any return.

[Adam Davies]

Hi
Well thats great news and just shows that every case is judged on its merits.Your case shows that there is NOT a minimum dividend or a minimum repayment and this is how IVAs should be looked at.
I,ll take my hat off to payplan and your voting creditors.
Well done to all concerned and in the current climate regarding IVAs its very refreshing.
Regards

Andy Davie
IVA.co.uk Spokesperson

About me:
http://www.iva.co.uk/andy_davie_profile.asp

IVA Helpline: 0800 197 4838
http://www.iva.co.uk/iva_helpline.asp

[ruby]

Thank you Andy,

When I first got my proposal, I never for one moment thought that it would be approved. There were 3 modifications, 2 related to Payplan's fees and the other was for the chairman to contact KPMG if any modifications have a detrimental effect, which i've seen as a modification mentioned on other peoples IVA's I think.

[ruby]

Thank you to who ever moved this topic to the right place!

[admin]

[:)]from admin