What are the chances to have the IVA accepted?

[MelanieGiles]

Thanks Sam - but I don't think that this information makes any difference to the advice I have already given. You do need to take this up with your IP who has more detailed knowledge of your case that I have to hand.

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

To have me propose an IVA for you, please visit:
http://www.melaniegiles.com/ivaEnquiry.asp

See customer feedback at:
http://www.iva.com/iva_companies/IVA_Advice_Bureau.asp

[sam73]

I have already sent an e-mail to my case researcher with what we have been talking about. As it ever happend to you similar cases to mine where the creditor choose the IVA instead of the charging order?

Sam

[MelanieGiles]

Very rarely but it can happen. The creditor will weigh up the commerciality of obtaining security against the prospect of receiving a dividend return from the IVA.

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

To have me propose an IVA for you, please visit:
http://www.melaniegiles.com/ivaEnquiry.asp

See customer feedback at:
http://www.iva.com/iva_companies/IVA_Advice_Bureau.asp

[sam73]

Thanks for your help. I will keep posting how I am getting on so I might be able to help others. Can I ask you one more question: Based on what I previously asked, how much would RBS dicision to gohead with the charging order or agree to an IVA be influenced by the abilities of the IP?

Sam

[MelanieGiles]

I don't think that that would be a real deciding factor in this particular case - as the the bank is probably only really interested in what they can recover from the debt and will pick the quickest route they can see possible.

Do bear in mind that if you are only offering £250 in the earlier years, the bank will probably not recieve anything until the second or third year. Whereas with a charging order, they will get immediate and regular monthly payments directly. Put yourself in their shoes, what would you do if you had the same voting power?

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

To have me propose an IVA for you, please visit:
http://www.melaniegiles.com/ivaEnquiry.asp

See customer feedback at:
http://www.iva.com/iva_companies/IVA_Advice_Bureau.asp

[sam73]

I understand but what would it be an offer that will make them think then?

Sam

[MelanieGiles]

100p in the £ as a full and final settlement with cash immediately available would be a good try! I cannot really tell here, Sam, but put the courage of your conviction in the IP you have chosen to appoint, and let them do the best for you.

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

To have me propose an IVA for you, please visit:
http://www.melaniegiles.com/ivaEnquiry.asp

See customer feedback at:
http://www.iva.com/iva_companies/IVA_Advice_Bureau.asp

[sam73]

Melanie,
I wish I had cash immediately available but I have not, unless I sell the shop but that it is already down as soon as I sell the money are theirs. Would that not be consider as cash availability?

Sam

[MelanieGiles]

Sam

Could you clarify the position regarding the shop - and when do you expect to sell it. Is the business being marketed at the moment?

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

To have me propose an IVA for you, please visit:
http://www.melaniegiles.com/ivaEnquiry.asp

See customer feedback at:
http://www.iva.com/iva_companies/IVA_Advice_Bureau.asp

[sam73]

Yes it is on the market. Unfortunately it is not a big business so I will not realize lots of money from the sale. Like I have said if I will be lucky it will be between 15/20k. But I cannot efford to repay 100p per £ anyway so I guess I have not got much hope to have my IVA accepted.

Sam

[MelanieGiles]

Please don't misunderstand my earlier post Sam- you asked me what I thought would definately be acceptable and I gave you a best case scenario. It is entirely possible that your creditors will accept a lower return, but as you are very aware this is pretty much in the hands of RBS.

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

To have me propose an IVA for you, please visit:
http://www.melaniegiles.com/ivaEnquiry.asp

See customer feedback at:
http://www.iva.com/iva_companies/IVA_Advice_Bureau.asp

[sam73]

Melanie,
Would be RBS to decide or their solicitor (Irwin and Mitchel) for them? Also if they will put a charging order on the property would I still be able to go for an IVA with the rest of the creditors?

Sam

[MelanieGiles]

Usually the creditor will decide, and you could put forward an IVA with the rest of your creditors only, but affordability may be a problem as we have already disussed.

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

To have me propose an IVA for you, please visit:
http://www.melaniegiles.com/ivaEnquiry.asp

See customer feedback at:
http://www.iva.com/iva_companies/IVA_Advice_Bureau.asp

[sam73]

Am i doing right if in the meantime I apply for a variation of the monthly instalments of the judgment? Apparently I can do so within the next 16 days filling an N245 form. I mean I have to explain to the judge that according my income and expenditure I cannot efford to pay £314.39 just for RBS debt. I have all the other ones!!

Sam

[MelanieGiles]

It won't do any harm - but your own IP really ought to be advising you on this matter.

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

To have me propose an IVA for you, please visit:
http://www.melaniegiles.com/ivaEnquiry.asp

See customer feedback at:
http://www.iva.com/iva_companies/IVA_Advice_Bureau.asp