In resonse to points just raised ... Regulatory bodies -- there are several and you will need to ask which Mel answers to.
The last paras in your post above mine: There is no physical meeting, usually. All normally done by post, fax, phone and email, as was the initial creditors meeting.
I think you should consider cancelling the variation ... not to save creditors money -- but to stop this being put forward at all if you are unhappy with it.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
I fear unless the company in question is willing to offer an apology to myself and to copy the creditors in I will need to seek a new solution to my out standing debt.
Bankruptcy is the obvious one due to having 45K of negative equity how ever that is not the best moral option. Not that i can sit on my hi horse as i run up this debt in the first place how ever i would like to give as much money to my creditors as possible and spend the rest of my life paying of my mortgage and negative equity.
So what would be the next step? Any one have any ideas?
Thanks for help so far, from the post arriving this morning to now i have settled down some what.
On the moral front, worried, IF the creditors vote to pursue BR, then you are absolved from that decision --- THEY will have made the choice and if they lose out, then so be it ... YOU will have tried your best and that's all anyone could ask.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
Foggy - It by know means should have to get to that though...
If i was portrayed fairly i feel the creditors would want to take the F&F and if not I could have looked at other options with them.
Yes i know Bankruptcy looks very appealing to me as a backup plan but by no means has i made up my mind to go down that route if the F&F wasnt excepted.
I now see the creditors not wanting to work with me as I expect they will unofficially take the advise of a trusted IVA company over myself, Mr no body.
I really do not see why the company has taken this approach with me. Anyway I will find a solution.
To be honest the creditors bottom line is pounds and pence, I feel little weight is given to the minutiae of the situation. At the end of the day they will go for whatever makes the better return. Many creditors aren't even involved and pass the voting out to proxies, who are invariably looking from an accounting point of view.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
Foggy - This always happens. I am not asking for the forum members to fix the situation with my IVA company by advise. How ever people ask about specifics of the situation and i answer.
I am purely asking general IVA questions.
Such as are there IVA governing bodies?
Dose anyone specialise in IVA law?
If a proposal is sent to Creditors and your relationship with you IVA company is not ideal, who should you talk to for help or can you contact people your self?
herbekj- As i have mentioned, i guess i am just old fashion but i do care what some random person in a random office thinks of me. I also care what a judge thinks of me when i speak to them in person.
Foggy - So by what you say morally the creditors wont care... i understand that.
How ever a Judge i guess will add a human element and although I hope it dose not get to that stage i would like to be able to look a judge in the eye and explain my situation. So again call me old fashion buy i do care how i am portrayed.
As to specialists in Insolvency Law, apart from IP's, you'd have to be looking towards larger Law firms who might have an expert on board.
If your relationship with the IP is not ideal, you should try to sit down with them and iron out any difficulties. After that it's the governing body. You are not entitled to talk to the creditors direct any more, just as they cannot contact you direct, as you are both under the control pf the IVA.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
After getting my post 5 hours ago, with your help i have now come up with a plan and can calm down.
I'm very sorry my posts have been about a valued member of the forum but please rest assured I would not be asking for advise if i wasn't very worried.
How ever you have all helped me so much.
I hope you all have a great evening and thanks again.
I hope it all works out as you wish it to, Worried.
We all get our knickers in a twist every now and then. After all, these are life changing circumstances. I am as guilty as the next, and will no doubt be up there on my crusade again soon .... watch this space !
But ... for now, a cup of tea and a welsh cake I think
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
worried9876. As much as it may disappoint you to hear it but from my dealings with Melanie and her team I am pretty sure that her and they will deal with your concerns and issues through the right confidential channnels and not on a public forum. Which is probably what you should do.
I have been following this post all day to day and wondering if I should make any form of contribution, given that this complaint is directed personally at me. Posters who interact with me regulary will know that I rarely discuss a client's business on the forum, and do not intend to do so now. However, I do wish to make the following general points about this particular case:-
1 The debtor acknowledges his breach and the reasons which have led to the default. The current status of his IVA been accurately reported to his creditors.
2 Under the terms of his variation, once a breach has occured, there are three choices to put before credtors for their consideration - a variation, a termination or bankruptcy proceedings.
3 A proposed variation was submitted by the debtor which required supporting documentation. The final paperwork - detailing his historic income - was only received by my office early this week. Not all information we required was able to be provided by the debtor.
4 There have been no IT issues in my office of which I am aware. The debtor claims he has sent e-mails, my IT department have been unable to trace them, or find that incoming e-mails have been rejected. We have a sophicticated internal and external IT system, which can be subjected to rigorous audits in the event of queries - which are exceptionally rare
5 We asked the debtor to write a letter to his creditors explaining the reasons which have led to his breach and his proposed settlement. This was entirely reproduced within the body of his variation report - and therefore the representation to creditors comes directly from himself.
I am sorry that tbe poster feels that I and my staff have not acted in his best interests. We have complied with his request to submit a variation to deal with his breach in an entirely realistic timescale. Shoudl he wish to lodge a formal complaint, he should firstly write to me outlining the exact nature of that complaint and this will be dealt with in the appropriate manner.
I do not intend to engage publicly about this matter on the forum, but trust that readers will accept that I did have to respond to the best of my ability given the publicity that the poster has sought.
And finally - there is nothing to stop a debtor at any stage of the IVA process making separate representations to creditors should they so wish.
Melanie. Hardly surprising you felt the need to post something. But as ever professional, factual and honest. I have been dealing with your team since about early September and next week I am expecting a call with Sue re my IVA proposal. Kelly, Amie, Claire are an absolute credit to you and your team and have been quite brilliant over the last few weeks. But as the saying goes you can only please some of the people some of the time etc. I look forward to the next 5 years working with your team to make me debt free.
Last edited by MikeyM on Sat Oct 06, 2012 5:17 pm, edited 1 time in total.
