Modifications

[OPTIMIST12]

This post will not offer anything new but is just to say to people approaching their Creditors Meetings - PLEASE do take Modifications to your proposal seriously when you speak to your I.P. or their staff on the day of the meeting!!! In particular think carefully about Minimum Dividends, No Variation for 24 month Mods, and anything about equity!!!! Take a few seconds - or minutes - to think about these. And ask questions about them rather than just saying yes straight away!!! If you do not - some may come and bite you on the backside in the future!

I am 100% sure that I.P.s and Creditors would rather everyone carefully considers Modificationa at the start rather than them causing problems to all concerned at a later date.

Thank You!!!

[Skippy]

Well said Optimist. I didn't really understand what I was agreeing to, and I wish I'd asked more questions. It's such a life changing experience and so many people (like myself) don't understand what they are agreeing to.

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/

[pixie]

Totally agree. There should be an allowed time to review the mods before agreeing to them. The day of the creditors meeting is an extremely stressful time when you are at your more vulnerable. Prior to signing up for an IVA you have time to review all the options and fully read and understand just what you are entering into. On the day of the meeting weeks later, you have to agree to things that you had previously never thought about. When faced with br if you don't agree to them, there isn't exactly a choice.
Not sure how it would work but prior notice of the mods would give you a better chance of making an informed decision. This is the next 5 years of your life and is a huge undertaking. The entire process isn't entered into lightly and there should be a fair amount of time given to review and fully understand any changes to the proposal.
I was too scared of the consequences for not agreeing to anything that I quite happily said yes to everything! I did query a few points and thought I'd understood everything fully. It was only later when I'd stopped panicking that I actually thought about the implications of the 24 month no variation and minimum dividend mod.

[Adam Davies]

Hi
You can ask for a fourteen day grace in order to study and consider the modifications.
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

[pixie]

Hi Andy

I wasn't aware of that. I was told they had to be agreed by the end of the day for the IVA to be approved.
I would'nt have wanted to wait another 2 weeks but I would have appreciated the chance to actually read them through by myself and make a calmer more informed decision. Not that the end result would have been any different!

[scaredkez]

pixie like you i was lead to believe i had to give the answer on the day with regards to the mods, it was only when i made such a fuss and another creditor rejected outright they said i had 14 days BUT was told if i didn't agree to them the iva would be rejected, so what do you do? panic and fret and agree to anything, thats why this forum is so good as lots of us have all been in the same position and now know that this isn't the case.
kerri

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

[OPTIMIST12]

Perhaps there should be a requirement introduced whereby Modifications must be submitted 24 or 48 hours before the Creditors Meeting and notified to the Debtor? That would give him / her a chance to have a think about their significance?

I think most people would agree that it can be hard to focus and take things in properly on the day of the Meeting!!

[Skippy]

I didn't realise that you are entitled to ask for time to study the mods - mind you, I think that a lot of people would still agree on the day rather than have it all hanging over them for another couple of weeks.

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/

[pixie]

Having prior notice of the mods would certainly help you make a more informed decision.
Then again if the IVA will be rejected without agreement of these, there isn't much of a decision to make.
I'm curious to know if you can actually reject any of the mods and still get approval though? Are they negotiable?

[OPTIMIST12]

I am fairly sure I have read posts from people who have not agreed to modifications and whose IVA has still gone through - but I cant recall which modification(s) were at issue!.

[scaredkez]

i have read posts where the poster has stuck to their guns and said no, if they don't like it they will go BR seems a long time ago but sure there will be more recent ones.
kerri

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