Questions on IVA

fnc6810

If your were a creditor who was owed about £10,000 and called to a creditors meeting and the proposal said 100p in the £ and agreed would you then pass this debt on to a collection agency?

If told to pay £300 a month into the fund before the IVA is approved how is it then possible to pay the creditors?

If the IVA was approved with modifications by the Nominee at the creditors meeting how could the debtors agree with these modifications when they were only told by letter of the outcome a day later?

If the debtors did not sign the letter to say they agree with the modifications is the IVA then legal? (this was actually signed 2 months later)

If this was not legal why did he sign all the documents Supervisor when he wasn't?


cheers
fnc6810

fnc6810

Have a look at the text from the actual letters and documents then you can see why i ask the questions and please no one tell me i got myself in this mess because i phoned up for advice and i was only £6300 in debt my wife had £9100 and non of these were joint debts and at the time we didn't know what a voluntary arrangement was. We were at the time struggling to meet the full payments but were paying. This can be proved by our credit report from experian at the time.

If told to pay £300 a month into the fund before the IVA is approved how is it then possible to pay the creditors?

07 February 2003

Voluntary Arrangement
I write following our telephone conversation when we discussed how best to resolve your financial difficulties. I recommended you propose to pay £300 per month to your creditors for period of 60 months. I am confident creditors will accept this offer in full satisfaction of your obligations inclusive of all interest and costs.
I enclose a standing order form for payments which you are proposing to make to your creditors. Please complete the form and return it together with your first payment in the enriosed prenaid envelope as soon is possible.
I enclose forms of authority to enable creditors to disclose information to us. Please sign the forms and return them to me.
Yours sincerely
Gregory Mullarkey
Wallwork & Company

If the IVA was approved with modifications by the Nominee at the creditors meeting how could the debtors agree with these modifications when they were only told by letter of the outcome a day later?

07 May 2003

Individual Voluntary Arrangement
County Court 32 & 33 of 2003
I enclose two copies of the Chairman’s Report for the creditors meeting held at Wallwork &
Company Solicitors, 14-16 St Thomas’s Road. Chorlev. Lancashire. PR7 1HR on 6th May
2003 at 1100am. One copy is for your retention and one is for signature and return to this
office.
You will note that your proposal has been modified by your creditors. These modifications are contained in schedule 2 of the report. Please sign where indicated at the bottom of schedule 2 to confirm you have read and understood these modifications.
The principal terms of the voluntary arrangement as modified are: On completion of the hire purchase income contributions are to increase.
2. creditors are to receive a minimum dividend of I OOp in the £
Income contributions are payable subject to review at the initial rate £300 per month for a period of 60 months.
If there is anything further you wish to discuss please do contact either myself or Helen Halton and we shall be happy to assist.
Yours faithfully
Gregory Mullarkey
Supervisor
Enc: (1) Chairman’s Report - two copies


If the debtors did not sign the letter to say they agree with the modifications is the IVA then legal? (this was actually signed 2 months later)

If this was not legal why did he sign all the documents Supervisor when he wasn't?

09 July 2003


Individual Voluntary Arrangement
Following the approval of your proposals at the creditor’s meetings on 6 May 2003, you were sent a copy of the Chairman’s Report of the meetings. I requested that you sign the report to indicate you had read the report and understood the contents of the report. I do not appear to have received the signed copy of the report from either of you.
I enclose further copies of the report and would be grateful if you would sign each of these where indicated and reluin theiu to n as soon as possjblc.
I enclose a prepaid envelope for your convenience.
Yours sincerely
:
Gregory Mullarkey
Supervisor

spenderblender

The company you are dealing with do it differently to the company I went with. A creditors meeting had to be held for them all to agree/disagree to the initial monthly payment.
Only after this meeting was a standing orderarranged from my bank which, incidently was higher than the payment which I said I could manage but, thats by the by.