www.iva.co.uk

Hi All... my original Creditors meeting was the 4th March...apparemtly AMEX who hold a large proportion of my share said no. my meeting was then adjourned to yesterday. Rang IVA company last night who said AMEX still are saying no and that i can easily afford the payments of £500 a month even though my I&E shows i can only make collective payment of £830.

Apparently IVA guy said they have not given a reason other than "IVA not suitable"and he waffled on about the IVA protocol and reissuing my IVA in the new format so they had to give an answer... still no closer to an end at the minute and feel utterly lost!

How frustrating!!! Keep your chin up Munchkin, one of the experts will be along soon to give you some advice.

Oh Munchkin, sounds terrible for you. Try to stay positive. I'm sure your IVA company are doing all they can to get a positive outcome.

Hi munchkin

Stick to your guns as you don't want to agree to payments you can't afford.

I know creditors want as much as possible back from debtors, but why they try to get that much more, which you obviously can't afford and can't maintain long term, is beyond me.

Stay in touch with your IP and hopefully they will fight for you[:)]
Good luck
Emma

Sorry not sure if i was clear i mean without an IVA AMEX want me to pay them £500 a month (plus all my other debtors) when having done an I&E it shows that i only have £830 left once all other bills are subtracted.

Hi
Were you offering £830 per month into your IVA ?
Do you have a property ?
Regards

If you have a property, Amex policy is to reject specifically so they can get a Charging Order to secure the debt.

You don't say, but what percentage of your debt is represented by Amex, which appears to be a BBA member.

The protocol does not require a BBA member to accept a proposal, merely to specify a reason for rejection. The specified reason is generally as above but from your post could they argue that they have already given a reason of sorts i.e they want £500 per month?

Ian

No property.

I owe £50k in total and AMEX have £13k of that debt.

I know that the protocol only asks that they give a reason but IVA company say once they knwo what the reason is they may be able to argue it. Right now i just feel in limbo!

Sorry i was not making sense last night.

Before an IVA was proposed i was paying minimum payments to all my creditors, AMEX were demanding a minimum payment of £500 a month.

When i strated proposing an IVA it turned out that i only had £830 a month disposable income and that an IVA was a valid option.

I have had two creditors meetings and both times AMEX have said no stating that i am not suitable for an IVA and that i can afford the £500 a month minimum payments... Halifax and Egg have both voted yes apparently.

IVA company are arguing with AMEX asking for a reason to decline my IVA

Your IP needs to refer their non accpetance to the BBA as this does not accord with creditors agreement under the IVA protocol. How can they justify that you can afford to pay them £500 when they only have approx 25% of the aggregate debt? AMEX are usually very supportive of IVAs, so maybe they have spotted some inaccuracy within your proposal?