Creditors not included all debts

[Bengy]

I posted a topic the other day (13 February) about my IVA being declined. At the time my IP quoted a return of 85p in the £. When he told me this over the phone I was suprised at the high percentage. We had agreed an amendment with one of the creditors.

Today I recieved the minutes of the meeting which included the proof of debts from my creditors. However, there are ammounts missing that I know I owe. That is why my return is so good. I am now very very worried of my situation. This will mean a new proposal using the figures I have provided. It will not look good, as the next proposal will not have such a high return. My chances of a successful meeting look bad. I am now feeling so depressed after getting high then let down and now let down even further. Has anyone else experienced anything like this? I had provided my IP with a full list of creditors including details of the card no's etc. I provided updates when I recieved statements. I am lost for words as to how my IP could have missed such a discrepancy without asking me about it.

Bengy

[MelanieGiles]

Bengy

I think that you are getting confused by the report you have recieved. This is the Chairman's report, and merely details the proceedings at the meeting - ie who turned up and voted. The fact that you have missing creditors, simply means that some of them chose not to take part in the voting procedure. This is quite common.

The return you have offered is based upon all creditors and not just those which have voted. I sense confusion in your mind, perhaps because things have not been explained to you fully, and think that you must call your IP on Monday to chat things through. I will be active on the forum over the weekend, and will try and give general advice as I can see that you are worried.

Surely you have a copy of your IVA proposal to hand. Check that to ensure that all debts were properly included, and compare that to the Chairman's report. The missing names are those creditors who chose not to vote. The percentages quoted on the report reflect the amount of votes cast to either accept or reject your proposal. This is not the same as the actual dividend you have offered.

Hope this helps for now.

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

[scaredkez]

bengy i do know what you are gouing through,my expenditure was no way near what it actually was, when my meeting was held the ammendments were just not possible , although i have never seen my chairmans report, none of my creditors were missed off however and my iva was rejected outright, contact your ip and discuss fully what is missing as it is you who will have to live the next five yrs on what has been accepted and you do not want to have any creditors coming back and saying that they have not been included and you owe them. make sure you are happy with what is on your proposal and you can actually manage on the repayments, 5 yrs is a long time to enter something you cant actually meet as it will fail and you will be back at square one 85p to me sounds like a very good offer.
kerri

[Bengy]

Melanie,

Thanks for the reply. My return is still the same, as the figures quoted for the debt is the same as before. ie The figures used are the ones I provided on day one. I just misunderstood the report.

However, all creditors have been accounted for by name. Some of them have not included all of their debts. An example being MINT who have only quoted the loan and not the credit card. I have written to my IP stating what I believe is the situation. I do feel better now after reading your email. Perhaps it is the strain of it all that makes me panic.