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Posted: Sun Apr 06, 2008 10:31 am
by ajc
hello

have been in an IVA for a year and struggling to keep up payments, we didnt attend the creditors meeting but were telephoned after wards to be told of the arrangements and were told we had 30 mins to accept, is this correct? Andy

Posted: Sun Apr 06, 2008 11:04 am
by pixie
Hi and welcome to the forum
one of the experts will be able to give the exact details but basically no! As I understand it this can be adjourned for up to 2 weeks for you to accept the modifications - I could be wrong!
If you've been in the IVA a year isn't this a bit irrelevant though now? If you are struggling, have you contacted your IP to discuss? Have you had your annual review yet to update your i & e? If things have changed in the last year this is a good time to review them.

Posted: Sun Apr 06, 2008 11:07 am
by joh71262
Seems odd.

Persoanlly I wouldn't think that was correct. You have to have time to read the proposal and unless they got it to you within that time, which I doubt, I'd say this was wrong.

What company are you using ?

Posted: Sun Apr 06, 2008 12:52 pm
by MelanieGiles
Pixie is correct in that a creditors meeting can be ajourned for up to two weeks to enable you to fully consider the implications of any creditor modifications. I would also be interested to know which firm you are using.

Posted: Sun Apr 06, 2008 8:51 pm
by andyjc
MelanieGiles wrote:

Pixie is correct in that a creditors meeting can be ajourned for up to two weeks to enable you to fully consider the implications of any creditor modifications. I would also be interested to know which firm you are using.
The company is DFD, we were also told that if we went bankrupt my wide wouldl ose here job, she is a nurse we now know this is incorrect, we are paying DFD £7000 and owere creditors approx 36000, we are paying 86&% of what we owe,

Posted: Sun Apr 06, 2008 9:27 pm
by MelanieGiles
That is dreadful advice, but apart from that are you happy with the IVA or do you feel that you wish to challenge the advice you were originally given and - if so - what alternative route do you feel would be better to pursue?

Posted: Sun Apr 06, 2008 9:29 pm
by andyjc
MelanieGiles wrote:

That is dreadful advice, but apart from that are you happy with the IVA or do you feel that you wish to challenge the advice you were originally given and - if so - what alternative route do you feel would be better to pursue?

Posted: Sun Apr 06, 2008 9:31 pm
by andyjc
MelanieGiles wrote:

That is dreadful advice, but apart from that are you happy with the IVA or do you feel that you wish to challenge the advice you were originally given and - if so - what alternative route do you feel would be better to pursue?
we are very unhappy with the advise and very disappointed by the company in general, we feel we have beem mis sold the IVA as BR would have been a much better option, that is the route we intend to take now

Posted: Sun Apr 06, 2008 9:54 pm
by MelanieGiles
Let us know how you get on, as there may be others in your situation who would benefit from the shared knowledge. As an insolvency professional myself, I am saddened that you appear to have received a less than satisfactory service from your chosen provider.

Posted: Mon Apr 07, 2008 1:34 am
by OPTIMIST12
Hi andyjc -

Obviously you must be referring to Modifications - as the initial Payments etc. will have been set out in your proposal which you will have agreed and signed well before the Creditors meeting. Which modification is causing you problems - and what did you do to raise your concerns at the time?

I am sure that - like myself - you will have done some extensive research before looking to an IVA to ensure that this was the correct solution for your circumstances. Perhaps you can elaborate on how you were "mis-sold"? At the end of the day we all make our own decisions as to what road to follow. I am sorry to hear that your IVA is not working out.

I am in the second year of my IVA and have had some months where I really struggled. It just makes me even more determined to see it through for the 5 years!!!

Good Luck - whatever you decide.

Posted: Mon Apr 07, 2008 7:17 am
by ajc
we were told oroginally by letter how muxh or payments would be. After the creditots meeting we were tolsd the payments would be higher than we were told originally and that there were certain conditions, in fact so many in took the lady from DFD 5 mins to go through them. I asked for these to be sent out so we could read them and was told they would be sent out but also that we had to make a decision yes or no within 30 mins . we feel we were panocked into making a decision, that an IVA wasnt right for us ( we did mention BR to DFD but they said it wasnt a good idea for the incorrect reasons i gave previously.

Posted: Mon Apr 07, 2008 10:25 am
by OPTIMIST12
Hi -

I am just guessing - but perhaps it means that if a person cant agree quickly (within 30 minutes or whatever) to the Mods then the company then has to formally adjourn the meeting to a later date?

Posted: Mon Apr 07, 2008 10:33 am
by ajc
[quote]Originally posted by OPTIMIST12

Hi -

I am just guessing - but perhaps it means that if a person cant agree quickly (within 30 minutes or whatever) to the Mods then the company then has to formally adjourn the meeting to a later date?


we were told that it was take it or leave it and 30 mins to accept

Posted: Mon Apr 07, 2008 10:39 am
by MelanieGiles
There are fourteen days to allow important decisions to be considered further. To say that decisions have to be made in 30 minutes is bad advice.

Posted: Mon Apr 07, 2008 10:43 am
by ianmillington
Here is what SIP3 (Statement of Insolvency Practice 3) says on the subject (remember though that it's best practice and not the law)

"The nominee should request the debtor to attend the creditors’ meeting
in order to answer questions and to give consideration to proposed
modifications. If the debtor is not available to consider modifications which
are proposed, the meeting will have to be adjourned as his consent to them is
required by law."

Whilst you were available to discuss the modifications, if you wanted time to consider them then the Nominee would have been well advised to adjourn the meeting. However, the maximum period for which the meeting can be adjourned is 14 days. If not approved within that period the IVA is deemed to have been rejected. Was there an earlier adjournment Andy?

Ian