This time the news is much better

[Mark77]

Thanks Melanie

The problem with this situation is that we are getting no votes at all for my partner but 2 yes votes for me. The thing that worried me was that our IP said they were not obliged to telephone the creditors even though we said surely this would get either a yes or no vote, it is not getting a vote that is so frustrating.
This time we will phone the creditors once the meeting is set in an attempt to end this.

I am really starting to question the advice we have been gien to date and I have stated this in my letter.

Hopefully this time

Once again thank for getting back to me.

[neverending]

Mark
Contact the Insolvency service on 020 7637 1110 and they will tell you which body licenses your IP

[neverending]

Mark
Contact the Insolvency service on 020 7637 1110 and they will tell you which body licenses your IP

[Mark77]

Thank you.

[MelanieGiles]

Hi Mark

The majority of IP's I know would be ringing around in an attempt to get a vote for your partner. This does not sound like McCambridge Duffy who are generally very proactive at seeking creditor support.

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

[Mark77]

Hi again.

Well further to my last post we have had a bit of movement. I have been contacted by McCambridge Duffy and invited to a meeting which happened last Friday. We went through the process of voting and indeed James(McCambridge Duffy) did contact Cahoot while I was there. Cahoot advised that KPMG do the voting on their behalf. We contacted KPMG who were not the most helpful and advised that they would vote if they get the time. The only reason for not voting appeared to be that they were busy. KPMG refused to speak to me on the phone to explain the situation. Thank-you to James for taking the time to do this for me. I am now aware that it is not necessarily the IP but the companies voting on behalf of the creditors who appear to be causing a lot of problems in these situations. This appears to be one part of the industry that needs to be regulated more. This is causing a lot of hard work and frustration both for the IP's and customers. Maybe it is a bit of payback for getting ourselves into this situation.
We have also contacted Capital One and have now arranged another variation meeting for 28 days from today. Here is hoping that on this our 4th attempt to end this early we get the necesasary votes.
Thank you again to McCambridge Duffy for making the extra effort on our behalf and hopefully our efforts will not be wasted this time.

I will keep you all updated on the outcome.

[Mark77]

[:-(] A further update, we had a creditors meeting which took place today. My credtors voted yes, yet again, and my partners creditor Cahoot who are represented by KPMG voted that they deemed the offer was not enough. The offer was 39.3p in the pound!! This is as much that we can raise according to the financial advisor we saw. We contacted Cahoot to find out what they would accept if the current offer was not enough. We were advised by Cahoot that they cannot give this information as our details are with KPMG and for us to contact them. KPMG have refused to speak to us, we have told Cahoot but they have advised this is who we need to speak to. Can somone please give us some indication of how we can find out why this offer has been refused and what they may be willing to accept? We feel we have been backed into a corner, we are being kept in debt by our creditors when all we want to do is start rebuilding our lives. Can someone please for the love of God tell us how we can get this resolved? This is not fair, their must be some way of resolving this. Someone please help us!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

[scaredkez]

mark so sorry, what can i say but creds are pulling the strings mate, they think all the time they have you by the short and you know whats, they think that you won't go for the ultimate coz you are scared and to be honest more and more are going BR lay it on the table to them, kpmg are not playing ball at the minute, have you anything to lose by going BR? if not seriously think about it its not that bad. i am so glad i did and got a way from this whole debt mess they can't touch me now, i so tried everything to be rejected, understand how u are feeling.
keep posting to let us know how you get on.
kerri

Please view my blog at: http://scaredkez.blogs.iva.co.uk/

[freelili]

What a situation to be in.

You are offering to pay back what you can raise and one creditor is stopping you and keeping you in debt, there must be something, someone can do to stop this unfair action by this creditor. I am wonderting if you cant raise a complaint as their stance is causing distress? I think I would write to the managing director of the company and demaand some common sense, here, maybe even threaten to go public with it. I am not an expert, just another person in debt, I feel your frustration over this. There must be someone to raise a complaint with somewhere?

LILY

can it be, I am forever loved and you are watching over from above, isnt faith believing all power is not seen?

[Adam Davies]

it is ridiculous and must make you feel so desperate and angry..........get hold of your IP and ask them to find out what KPMG will accept.....if they will not pursue it for you then write to your wifes creditors direct and ask if they will accept the settlememt offer.
Am I correct i that your IVA will return 25p as it is but you want to offer a full and final for 36p ?
Why would they turn this down ?
If you do not get the support from your IP I suggest a letter to the Financial Ombudsman.
Do not give up
Regards

Andy Davie
IVA.co.uk Spokesperson and site manager
(aka Neverending)

Please check out my blog: http://andydavie.blogs.iva.co.uk

View my profile here:
http://www.iva.co.uk/andy_davie_profile.asp

[MelanieGiles]

Get the IP to phone KPMG first thing on Monday morning to find out why the offer has been refused. I find it strange that this is not already happening. KPMG are a large organisation, very professional and will give their reasons for rejection to your IP without hesitation. There will be a good reason for their stance in this matter, so please post here when you have the answers.

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

[Skippy]

I find it very worrying that your IP hasn't already been on the phone Mark. Surely it's his job to phone them, and not yours. I can't help feeling that some IP's (and this is NO WAY directed at ANYONE who posts on here!) need to put more time and effort into their client's interests. Good luck Mark, and let us know how it goes.

Yesterday is history, tomorrow is a mystery, today is the present - a gift to make the most of.

View my blog at http://skippy13.blogs.iva.co.uk/

[tracy.h]

Hi Mark
It was kpmg that caused all the stress for us when we proposed our iva,rather than get £33,000 over 5 years and then an equity release of a further £33,000 in year 4 they wanted us to sell our home rent somewhere for £150 amonth cheaper than our mortgage that would have only given them an extra £11,000 so instead of £66,000 it would have been £41,000,and meant us selling our home,little bit ironic dont you think,out of 11 creditors they were the only,ones who represented 3 that wanted this modification added with i might add another 60 modification to boot,since joining the forum i understand now my iva wasnt really fesable,and wish i had found this forum 10 months ago,luckily i didnt except these modifications and with Melanies expert advise now understand how to approach,an iva that will be exceptable
I really do hope you will get this situation sorted out.
Good luck get your ip on the case ASAP.

[Mark77]

[:-(] Hi Folks,

thanks for all your advice and kind wishes. The IP spoke to KPMG who have advised they want more than the 39.2p dividend as they deemed the offer not reasonable. Cahoot were then involved and despite advising us on the phone that they thought the offer reasonable, they then stood behind KPMG. They came back to us and told us the want us to remortgage to 80 %LTV, which nobody can figure out, since this would mean us paying everything off and having around £7k cash in hand. Oh, not to mention the fact that we can't afford that size of a mortgage due to our incomes. So we took yet more time off work and went to see our financial advisor. He thinks he may be able to get us a higher mortgage over 30 years which raises the dividend to 52p. We are reluctant to do this as the interest rates are steep meaning we will end up worse of, but out of debt! I am at the stage now where I will almost do anything and sign anything to get out of this situation to allow us get back to living our lives. We have therefore submitted this offer to KPMG today, no response as yet. I am resentful of the way our hands have been forced in this, Eversheds (who represent my debt with cahoot) had accepted 36.2p 6 months previously when KPMG didn't bother to vote now it's at 52p and this is really the last straw.

Will keep you all posted.

[Mark77]

Hi Everyone

Just another update. This time the news is much better.

KPMG have finally accepted the offer. What was finally agreed was a lump sum payment of £21000 plus what we have already paid giving an estimated repayment of around 50-53p in the pound - not too sure of exact figures yet.

I am now in the process of remortgaging and on the road to financial freedom and independance and both me and my partner can then start finalising the plans for our wedding next year.

The strange thing is we have been told that due to the increase in value of our property we are solvent people in an insolvent agreement. But that will soon not be the case.

I cannot thank everyone on this forum enough for their words of advioe and encouragement.

I would also like to thank James at McCambridge Duffy for going the extra mile for me over the last couple of months.

I would give a bit of advice to some people on the forum. Please ensure you look at all the alternatives before making your choice - whether that be remortgaging, BR or entering an IVA. None of these are to be taken lightly and each persons circumstances will lead to the most suitable outcome for YOU.

Thanks again and I will keep an eye closely on the forum. I am also looking at going into the Financial Advice industry and currently looking at the qualifications needed for this. I believe after this experience I can offer people help and advice.

Mark