It was a open forum of IPs and creditors.
KMPG as some of you will know are a big firm of accountants they do the voting on IVAs for a large number of the big finance houses'.
They are getting on average 100 creditors meetings for IVAs per day rising to 180 per day on the last few days of the month. Which is just huge volumes.
There were lots of things discussed about who’s happy with what and who’s not etc.
The main bit of information which was of use was that most creditors have now done away with the old "25p minimum rule"
Previously many IPs would not propose an IVA for someone who’s dividend in the IVA was less than 25p in the £1.
If your debts are higher (say 50k plus) they have said they would not be adverse to accepting IVAs at say 20p in the £1.
Anything less and they think it will be pushing it.
The IPs put forward that something is better than nothing and the creditors agreed which was surprising.
For years IPs have just assumed this is a rule and obviously it now appears not to be the case.
There was also talk about equity on homeowners and setting fixed equity amounts at the beginning of an IVA so debtors and creditors don’t get a shock come year 4 and maybe introducing equity into the IVA in year 3 instead of the usual year 4 which depending on how much your mortgage would increase by would cut an IVA down to 3 years!!! Obviously only for homeowners this bit.