Questions about Individual Voluntary Arrangements and Insolvency.

Moderators: TalbotWoods, JaneClack

By katew25
#45130 hello.when u apply for iva do you have to have meeting with the creditors?
can somebody please explain how it works?
im so scared if i have to go to that meeting,i dont think i can do it. :help: :no:
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By Shameless
#45131 Nobody attends them anymore the meeting is just a paper meeting. Your creditors will vote via post and the fax machine.

Usually you just need to be available by telephone on the day of the meeting to discuss any matters that your creditors may raise.

People will have upto the time of the meeting to submit votes deciding if they want to accept or reject your IVA. The purpose of the meeting these days is just to have a cut off point.
By katew25
#45133 thank you for that matthew so appreciated.
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By andypip
#45714 I actually went to mine because I was in London on the day - there was absolutely no problem and, in a way, it was a very cathartic moment as it drew a huge line under all the cxxp I'd put up with from DCAs over the last nine months. The sweetest thing was going home that night and knowing if the phone rang you finally had an answer for them!!
By S&M
#46760 Although there is no absolute necessity to attend the creditors meeting you should ensure that the IP explains fully the implications of any modifications and how they impact upon the original proposal.

Ideally I prefer to read through these with the individual and to then get a copy signed confirming that they are understood and accepted. The advantage of this is that there is no ambiguity in the future over what was in the original proposal and how any modification changes the proposal.

If you are in any doubt about a modification ask the IP to explain it to you in simple terms that you understand before accepting it.