Full and Final Meeting Adjourned

[Waitingnworried]

Hi this is my first post. Just wondering if someone can advise me if what I've been told is right ?

We had our full and final meeting there on Wednesday 22nd June at 10.20am. I hadn't heard anything all day so of course phoned and phoned. I got through to someone at 4.00pm who told me this ...

My husband and I have a joint IVA. Out of the creditors that replied all of mine voted to end the IVA early. MY husbands creditors voted to except all bar one who I've been told have sent back 2 forms one agreeing and one disagreeing .... I've been told by staff working for my IP that she feels they have misunderstood and will try and contact them so the meeting has been adjourned for one week with a possiblity of 2 weeks.

The thing is ... there are also some creditors that have not replied and they only need 1 vote to secure the offer. Now what I've been told is they are trying to contact the creditor who sent back the 2 forms by mistake ...if they do not reply within one week they will extend it another week ...however when I asked about trying the others who have not replied in the meantime i was told they will wait to see if that first creditor will reply in the 2 weeks ...if not the meeting will be rejected and we have to ask for another variation meeting and wait probably another 2 months just so they can ask the one that didn't reply to this meeting to reply....

Maybe I'm a little niave but surely in these two weeks they shouldn't just be relying on contacting the one that sent back the mistaken forms ...they should be making every effort to contact the outstanding creditors in the same time and not charge us again for another meeting and get another 2 months of payments back towards their fees ...

P.S We were told offer was very good and we are ending it 3.5 years early so the IVA company will not obviously get all their fees.... I'm just really worried about it and just wondered if someone could give me some guidance on what to do please ??

[kallis3]

Hi,

Not 100% sure with a variation meeting, I assume it is the same as a normal one. I would have thought that they could have chased other creditors.

However, I'll bump this back up for one of the proffessionals.

[Waitingnworried]

Hi thankyou very much ! any advice would be appreciated !

[jpj]

They are probably not contacting other creditors as they dont want to muddy the waters, so to speak!
The IVA company has to get a certain percentage to accept your offer (75% i think) If they have over 75% by trying to convince this other debtor to go in your favour, then the deals done!....if they contact other creditors who havent voted, there is the possibility they may not vote in your favour , that could then make it even harder to pass your F and F.
I would just sit tight, the IVA company know what they are doing, it is their goal to get your F and F approved!

[kallis3]

It's 75% by value of the creditors who vote on the day. I am assuming it's the same for a variation as for the original meeting.

Fingers crossed that it gets sorted in the next week.

[Waitingnworried]

Hi ! Thankyou that explains it a bit better !! Fingers crossed they will get hold of them then ....:0

[jpj]

I think it is Jan, sorry, I didnt explain myself very well...but I hope you could understand the point I was trying to get accross!
My creditors were given 2 resolutions to vote on (either take lump sum, or accept payments for another x amount of months), and several voted NO to both, so you do have to be careful how you handle creditors voting, and never presume a yes from them!

[kallis3]

No worries - I frequently write something then somebody else comes along and explains it much better than I did!!!

[jpj]

Im sure you can explain most things pretty well after 51,677 posts!!!! lol )

[kallis3]

Believe me, I post sometimes and then when I read what someone else has written afterwards I wonder why I didn't put it as neatly as they did!