Adjourned for the 2nd time... accepted on Monday!

[Catmanmoo2]

My Creditors meeting was adjourned for the second time today, because not enough of the Creditors will vote! The two Creditors that have voted have asked the Proposal to be modified in two ways:

1) I pay more. I am already offering £1035 out of a £1600 wage on a debt of £60,000.

2) The IVA Supervisors (Syn) reduce their fees.

Obviously, Syn dont want to reduce their fees and have just told me that if they can get no more votes, the IVA will fail at the next meeting.

This process has dragged since February, and im totally fed up now, and more worried than ever!

Basically, I want to know my options after the worst case scenario of no more voters coming forward.

[ivoriva]

Is the company you used synergi? Some users of this forum have had problems with this company, though I havent used them or had any dealings with them so cant comment personally. But you wont find many recommendations for them here.

Worst case scenario is you go BR. If you dont have a good reason not too, then this could be your best option. It is unlikely any creditor is going to apply to make you BR, unless they know you have some sizeable assets/equity.

Failing BR, you go for a DMP. I think this would only be suitable for you if you can get creditors to stop interest and charges, else you'll never pay anything off with a debt of 60k. You could do this for a period of time, and try for a IVA again at another time (especially if creditors arent stopping charges/interest).

If you feel your IVA wasnt presented correctly, then you could try proposing another IVA using a different company. Im sure someone like Melanie could advise you if that would be possible in your case..

[aguise]

Hi there
May I take a guess that the company is synergie, and also how can you live when paying such a huge monthly amount, it seems very high to me and nothing left to live on I would think that even if agreed it is doomed to fail with such a low amount left for living expenses. Can you give more details so that others can advise.

Ang

[aguise]

Sorry ivor replied at the same time.

Ang

[Catmanmoo2]

Ivoriva, thanks for your quick reply.

BR isn`t an option for a couple of reasons, the biggest being I would lose my job!

I only found out the common opinion of Synergy recently, and to be fair hadn`t given me any cause for concern until this final phase.

I would be very grateful if Melanie could put her views forward on re-submitting.

[Catmanmoo2]

Aguise:

The £1600 wage is after rent, weekday food, council tax etc is taken out (I am in the Armed Forces), so its not that bad, and is do-able.

You are correct in the assuption of my IP.

[Adam Davies]

Hi
On monthly payments of £1035 and debts of 60k have you considered a debt management plan ?.Did Synergi discuss this option with you because in 60 months you could pay your whole debt compared to part of it with an IVA.
I am surprised that your creditors have not rejected your proposal because of this and are you sure that your disposible income is £1035,it seems very high.
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

[Catmanmoo2]

Andydavie

I was very surprised at it being adjourned the first time, now the second time has occurred its got me thinking the worst.

I was told an IVA was the way forward, and so I believed it.

As I mentioned above, £1035 is what I can afford after esentials are taken out, and the Creditors want more!

[aguise]

Thanks catmanmoo2. Have you paid money to synergie and how long has it taken to reach the point of a meeting.

Ang

[Catmanmoo2]

Ang

I have paid two installments so far, and I think the Journey started Feb/March time.

[MelanieGiles]

Hi there

Can you do two things:-

1 Find out which creditors are not happy with the proposal

2 Find out the level of fees your proposed IP is charging

It may be possible to appoint another IP to act as Supervisor to this IVA on terms which may be more suitable for your creditors, but you will need to move quickly. Can you also reproduce the income and expenditure account which has accompanied your proposal - the payments look incredibly high compared to your income.

If you make the payments any higher, this almost makes an IVA not viable as you could afford to repay your creditors in full over the same time period.

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

[Catmanmoo2]

What would happen if it was to fail via Syn next week? Would I then be able to appoint someone else as a IP, or is it 3 strikes and out, so to speak? As the meeting is next Monday, and Im working away this week, it seems to be in Syns hands as I cant actually do anything about it at the moment!

[MelanieGiles]

Well I personally would try and do this before the final meeting - but of course you will need to find someone prepared to take your case on at the level of fees they suggest if your current Nominee will not reduce.

You could try representing at a later stage, but of course there is no guarantee of acceptance.

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

[Catmanmoo2]

Income: £1656

Outgoings (as advised by IP) :

Insurance 5.00
TV Licence 12.00
Communications 80.00
Food 230.00
Clothing 50.00
Sundries 35.00
Car Tax/Ins 60.00
Petrol 100.00
Vehicle Maint 50.00
Kit Insurance 5.00

Expenditure 627.00

Contribution 1035.00

[Catmanmoo2]

Is there a time period before you can re-submit an IVA after failure to be accepted?