Questions about Individual Voluntary Arrangements and Insolvency.

Moderators: TalbotWoods, JaneClack

By Pbryan10
#68840 Anyone had experience with Egg. They are just over 25% of my total. Do they normally vote?
Cheers
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By Shameless
#68842 Yes they do Grant Thornton do their votes from memory and they are very good with voting I think their only minimum citeria is 25p in the £1 or above.
Byyoudontscareme
#68847 Hate to tell you this but they just turned ours down today!!!
And we were offering 32p

Dont know whats going to happen now
Having a very bad day
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By Richy
#68883 Aaaaaggghh :shock:

Egg have a 21% say in my IVA and we are only offering 23p. But, under B they will only get <1p.

Creditors meeting set for 27 June - let you know more then
Byyoudontscareme
#68905 Under the big B they get nothing in our case so we are mightily confused.
They would of got over £64,000 in the IVA plus equity release so potentially more up to £84,000 in total over the 5 years on a £170,000 debt.
Our meeting has been adjourned ! to try and negotitate more votes I guess.

My wife has managed to get 40% votes in favour I have 62% in favour not sure what will happen next.

IP is going to try to re negotiate with Egg and Halifax who both said no to our proposal.
Not feeling confident are we being played to try to up the dividend and lower our IE anyone got any ideas are they playing a game?
Any experience of this
By Hitme
#68966 Egg didn't vote on my proposal, which I guess was lucky as they were my biggest creditor and if they said no my IVA would not have gone through.
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By elmeck
#68995 Sorry mate.................but is there any chance you could change your avatar as it is same as mine?

If you notice the profile you will find I was here 1st. :oops:

Many, many thanks :D :D :D :D
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By Shameless
#69002 Ooooooooooh handbags lol

Did they say why they have rejected. They must give a proper reason! IF we know why we can tel you the best (if any!) way around it.
Byyoudontscareme
#69064 I do 25,000 miles a year approx for my job so my motoring expenses are high.
I did put in very clear explanatory notes all broken down for them.
This was the sticking point.
But what can you do ?
The IP is trying to negotiate and tells me she has asked for a 14 day adjournement. (don't think I spelt that right)

Very little leeway on our IE any suggestions?
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By Shameless
#69067 Was the votes from KMPG? If so then you might struggle. The only thing I can suggest really is to try and do a deal somewhere in the middle of what they want and what your offering.

If you can prove the milage you do I dont see why they would do it. But to be honest they can be funny sometimes and its somethig beyond any IP to do anything about it.
Byyoudontscareme
#69075 Mp IP says she does not know what they want?
Obviously more money but she couldn't quantify it we went through the IE and have scraped an extra £100 per month but it is leaving things uncomfortably tight.
She is going to offer this I think and see what happens.
Can we appeal this surely they are not getting the best return for their clients the card companys.
We are offering a viable IVA the card companys will get zilch if its declined.
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By Shameless
#69076 Ill have to PM you hold on.
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By Richy
#69081 I'm interested in what happens here because as stated above, I'm in a similar position.

Surely they take into account that if you go B then they get nothing - am I missing something here????

My IP told me that nearly all of IVA's go through (admittedly with some modifications) but the only real reason one wouldn't be accepted is if they thought you were hiding something that they would get in B, or, that you had pi**ed them off in some way and they were determined to take you B.
Byyoudontscareme
#69121 We are hiding nothing and we have not pee'd anyone off that we are aware of.
None of the debts are recent,all our accounts were well run within credit limits payments on time etc..
We are so shocked as we were reasonably confident from what we gleaned from this forum and our IP that it was a good proposal and highly likely to be accepted.
It's a real head scratcher this one.
Guess our life is on hold for the next 14 days while the IP tries to turn things around.
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By Richy
#69139 Hi

I wasn't implying you were hiding something. I was just saying what my IP had told me.

I sympathise with you 'cos it must be a nightmare when you had built your hopes up. I'll let you know how mine goes.