Is it too late?

[jampotfairy]

This may make me sound a bit dim but here goes anyway.... I have already signed and sent back the original proposal for my IVA and last night received a letter back from my IP with the modifications from the creditors meeting which I still have to sign and post. However, in the time it has taken to set up the IVA (six months now) I have been offered a new job with a very nice payrise. I am now thinking that a DMP would be a better option for me as I only have two remaining creditors and a total debt of £18000 and on a DMP at least my creditors would get all of their money back. But..... is it too late for me to put this idea forward? Am I already legally bound to see the IVA through?

[MelanieGiles]

Hi again

Has the creditors meeting taken place? I am assuming so if they are writing to you with modifications, but have you agreed to these yet? Has the meeting been adjourned? If so, then you can pull out if you don't feel this is the right option for you.

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

For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk

[Oliver]

If you haven't agreed to the modifications requested by your creditors you still should have time to pull out of this agreement and enter into a debt management plan.

Best Regards
Oliver

Thomas Charles and Co Ltd.
Experts in personal debt solutions.
Read customer feedback at: www.thomascharles.com/about_us.asp

[jampotfairy]

The creditor's meeting has taken place but I haven't yet agreed to the modifications that were sent to me.

[Oliver]

If you haven't agreed to the mods the meeting should still be adjourned meaning you are free to change your mind.

Talk to your IP to make sure.

Best Regards
Oliver

Thomas Charles and Co Ltd.
Experts in personal debt solutions.
Read customer feedback at: www.thomascharles.com/about_us.asp

[jampotfairy]

They have already voted on it and approved it, it is now subject to me agreeing to the modifications. But if I don't accept these will they not push for bankruptcy?

[MelanieGiles]

How can they approve your IVA if you have not yet approved the modifications? Things do not work in this order. Tell your IP that you have had a change of mind and no longer wish to proceed.

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

For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk

[jampotfairy]

The letter I have received says " At the meeting of creditors I confirm your proposal for an Individual Voluntary Arrangement was duly approved with modification and I enclose a copy of the Chairman's Report for your information"

[tracy.h]

hi
The same thing happened to me and even though i never excepted the modifications the iva still stood.
The company i used after lots of phone calls and threatening to go to the ipa they failed the iva,but it still shows on my credit report that i had an iva.
I would ring the ip and ask how they approved it when you never agreed modifications.

Tracy

[Oliver]

I like Melanie am a bit suprised that your IVA seems to have been accepted without you agreeing to the modifications. Contact your IP about this and please update us with the outcome.

Best Regards
Oliver

Thomas Charles and Co Ltd.
Experts in personal debt solutions.
Read customer feedback at: www.thomascharles.com/about_us.asp

[jampotfairy]

I will do, thank you for your help.

[Oliver]

All the best and please keep us updated.

Best Regards
Oliver

Thomas Charles and Co Ltd.
Experts in personal debt solutions.
Read customer feedback at: www.thomascharles.com/about_us.asp

[MelanieGiles]

It is not valid if you have not agreed to the modifications. The IP cannot accept them without your agreement.

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

For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk

[tracy.h]

hi Melanie they did except mine and i definetly did not except the modifications.I still have the copy here of the chairmans report and modifications that needed my signiture.
Jampotfairy did they discuss the modifications over the phone with you and if so did you agree them.

Tracy

[MelanieGiles]

Yes Tracy, I am well aware of the situation with your own case, and this is simply not on. IPs are acting inappropriately if they are accepting modifications on their clients behalf, and one of these days someone is going to get "burnt" badly.

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

For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk