Creditors meeting today 3!! Ahhhhh

[emmaxpete]

Well, just got of the phone to wilson phillips and they have said they have sent the incorrect loan amount for natwest to the creditors (they have stated it's 9k, but in fact it's actually about £17k)!! I did tell them the correct amount at the beginning, but there's been a hiccup some where along the line! The lady at wilson philips has said that she will have to fail yesterdays meeting - do I assume that means another one will have to be re-scheduled! How long will this take! We thought we where on the home run - now we seem to back at square one - ahhhhh! Had a lovely night last night in the thought that it had been accepted, now at an all time low!!
Although it was accepted by the creditors yesterday, they might refuse it now, when they see the extra amount!!
I have to say, alhtough the error was made by wilson philips, I still have only good things to say about them - they have been really approachable!

[mikebdomain]

Hope it goes well for you emmaxpete

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[scaredkez]

emmaxpete
so sorry about your news this morning, hope it all goes well for you, what an error to have been made. fingers crossed for you.
kerri

Please view my blog at: http://scaredkez.blogs.iva.co.uk/

[MelanieGiles]

Why are they not putting forward a modification rather than "failing the meeting" - I actually do not understand what that phrase means! What they need to do is explain the error to creditors and revise the outcome statement. We all make errors occasionally, but they are usually easily rectified - and the best time to do this is during a period of adjournment.

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

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[emmaxpete]

Hi Melanie - well, wilson phillips have definately failed yesterdays meeting, and are drawing up a new draft proposal as we speak! So they then have to re-send it to us to sign, and inform the creditors, so we won't have another meeting for about 3 weeks! They have told me what has gone wrong - when I let them know what the initial loan amount was for, and when it was taken out, they calculated an estimated figure of what it would be minus all payments made to them! What they didn't take into account that I have been in a DMP for over 2 years, so the payments being made have considerably been reduced, therefore, the balance outstanding is a lot more than it should of been! I did inform Thomas Charles about me being in a DMP - I assumed this would of filtered to wilson phillips when they where passed our case!! I'm not sure why a modification cannot be made - perhaps because of the difference being quite a large amount!!
Just a quick question - do you think those that voted yes will vote yes again, giving the drop in dividend they will now receive?

[MelanieGiles]

Can't understand why this is not being dealt with as a modification due to the error - in my opinion there is no need for new proposals to be drawn up but if your IP thinks this is what they need to do, and of course they do have detailed expert knowledge of your particular case, then you have a longer wait.

And this really highlights the need to have claims independently verified prior to issuing proposals to creditors.

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

To appoint me as your IP visit:
http://www.melaniegiles.com/ivaEnquiry.asp

See customer feedback at:
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[ray_a]

Yet again another mistake and clearly this is not good enough as you had to go through a lot of grief to get there.

As Melanie says why could they not vary the proposal.

If that is not bad just wait until you come to the end apparently some of the debts still have not been confirmed after settling at the end of June!