Questions about Individual Voluntary Arrangements and Insolvency.

Moderators: TalbotWoods, JaneClack

By watavIdun
#10801 Hi all

I have rec'd all the paperwork for my IVA which was agreed on 24th June. A bit slow but it's here now. A word of advice to anyone doing the same - check all your IP's calculations all the way through the process. Don't be afraid to challenge them on anything - it's your proposal. My proposals were riddled with errors and I had to make corrections galore. I now have to send the Chairman's minutes back unsigned because my IP has made another error. Ho hum...

Anyway the votes were in favour from Lloyds (major cred), HSBC, Barclaycard, Abbey National and HFC bank. The only one against was Egg and I'm glad about that coz they were a pain and now they have to toe the line :twisted:

My IP had advised that the wording of the property modification "A valuation must be obtained in year 4..." could be very advantageous, as he reckons I could get the valuation done at the very start of year 4 and if I obtain a re-mortgage as requested then the IVA will end. Thus I could be out of it in little over 3 years!!

I'll keep you posted with the ups and downs along the way.

By xsavier
#10838 Good news, hope it all work out for you in the end.

Don't be too harsh with the creditors though as in the end you will still have to ask them to mark your accounts as settled/satisfied when you exit the IVA.
By watavIdun
#10886 Hi

Nice to hear from you, how are things working out for you now?

Can you elaborate on your comment? I had thought that once the IVA reached a conclusion (either full term or early settlement) that the slate would automatically be wiped clean i.e. they would have to mark the accounts as settled. From what your saying, obviously not!

I wont be upsetting the creds if I can help it, just want to have a nice smooth ride til its over.