IVA and Company Pension

[j.k]

Thank you everyone, you have been a lifeline to me plus my wonderful IP Craig. It has meant so much to me reading your responses back today and the forum is fantastic - I call it my healing clinic. God Bless Everyone and lets all have a good Christmas and New Year.

[j.k]

Hi Everyone

My IP Craig has just called me to say my proposal has been done and being sent in the post with a view to a meeting at the end of January. However, I did inform Craig that I was given a salary increase of £640 per annum (received confirmation by letter yesterday)and after tax/pension around £30 per month extra. How will this work as proposal going on original salary. Your help would be appreciated.

[MelanieGiles]

The IVA proposal should be amended to take this increase into account.

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

To have me propose an IVA for you, please visit:
http://www.melaniegiles.com/ivaEnquiry.asp

See customer feedback at:
http://www.iva.com/iva_companies/IVA_Advice_Bureau.asp

[j.k]

Hi everyone,

Just got my first call at work from one of my creditors HSBC - I took their number and will call them back. My IVA is going through the process as we speak and prior to this, each of my creditors were sent a letter at least 4 weeks ago advising on the Company/Contact dealing with my case. Please may I ask how should I respond back to the creditors when they call. Thanks J.K. (Jeanette)x

[Skippy]

I would keep the details of your IP to hand and when the creditors call you inform them that you are in the process of proposing an IVA and your IP is ....., would they please contact them.

Yesterday is history, tomorrow is a mystery, today is the present - a gift to make the most of.

View my blog at http://skippy13.blogs.iva.co.uk/

[j.k]

Thank you Skippy

[j.k]

Currently awaiting date of my IVA creditors meeting (late January). Please may I ask if a creditor does not bother to vote is it counted in my favour or not.

HAPPY NEW YEAR

[OPTIMIST12]

Hi

No - if a creditor (or creditors) do not vote then they are simply not counted when the figures are added up.

You need to achieve a total "Yes" vote of 75% or over BY VALUE (i.e. actual figures owed) from those creditors that DO vote.

I had many creditors who did not vote in my case but nearly 80% of those who DID vote voted yes. Some of my biggest creditors did not vote - had they voted "No" my proposal could well have failed. However - as they didnt - the amounts I owed them were not taken into account.

If you do not reach this 75% acceptance on the day I believe that your IP / IVA Company can "chase" non-voters to try and get them to lodge a "Yes" vote.

Good Luck.

[j.k]

Thanks to Optimist12, much appreciated.

Whilst writing, I wish to advise that my IP is offering 40p in the £

Amongst my creditors are:
HSBC
Marshall Ward
Freemans
GE Money
Liverpool Victoria
Marks & Spencers Money

How do these companies rate in general on approving IVA's

Thanks

[MelanieGiles]

The only creditor there who has a hurdle rate is HSBC of 40p, but I have heard that Liverpool and Victoria have rejected proposals which are offering less than 50p so seek your IP's advice on this if that debt is more than 25% of the aggregate.

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

To have me propose an IVA for you, please visit:
http://www.melaniegiles.com/ivaEnquiry.asp

See customer feedback at:
http://www.iva.com/iva_companies/IVA_Advice_Bureau.asp

[j.k]

Thank you Melanie for your response, much appreciated.

I owe HSBC £14,500 and Liverpool Victoria £6,000 out of a £40k debt

[MelanieGiles]

So they will not cause you a problem then, assuming that sufficient of the other creditors vote to enable any rejection to be outvoted.

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

To have me propose an IVA for you, please visit:
http://www.melaniegiles.com/ivaEnquiry.asp

See customer feedback at:
http://www.iva.com/iva_companies/IVA_Advice_Bureau.asp

[j.k]

Hi Everyone

Just a quick note to thank everyone who has responded back to me on my many messages, much appreciated. Whilst writing, My IP called me this afternoon to say my meeting has now been booked for Monday 28th Jan at 1.00pm. I will let you know the decision (fingers crossed, it is accepted).

Thanks again to you all.

[j.k]

My IVA Meeting was scheduled for today between 1.00pm and 2.00pm. I have not heard anything as yet. Will I definitely hear today one way or another on decision. Thanks.