Full and final meeting on 4th Jan. Questions...

james32_uk

Hi all,

I have a full and final meeting coming up on 4th Jan. I have 10.7k left to pay and have offered £7k. My questions are:

1) What happens if my creditors reject my offer? Could they ask for more and if so what is the process? Can I offer more if my first offer is rejected?

2) How long would they have been voting for? Is it 28 days like the initial IVA proposal meeting? When should I first ask my IP for a latest position?

Thanks for any help.

FoggyBrain_2

Hi James. First of all, best of luck for the 4th.
Playing devil's advocate ... a full and final offer is supposed to be the best you can afford, and, I imagine this is how the offer will be worded. So, if rejected, it will be difficult to then say ..."well, actually, I lied and can really afford more".

I have no experience of these matters, being new on the road to IVA myself (creditors meeting on the 17th of this month). However, I feel that the creditors might well be inclined to accept just shy of 70% just to tie the matter up and get it "off their books" ..... a bird in the hand is worth two in the bush, as they say.

Again, I imagine, they will be considering the offer and will actually vote at the meeting on the 4th. As with the original meeting, it's a waiting game and no outcome will be settled until the 4th.

Fingers crossed for you James --- let us know how it goes.

notmyrealusername

The creditors do vote prior to the actual meeting, the same as with the initial proposal, but I doubt your IP would notify you of their votes until the meeting has concluded. I was with Payplan and they certainly didn't advise me in advance.

Do you know who owns your debts now? The majority of my debts were purchased by Max Recovery who voted in favour of my F&F. I had no particular 'reason' for it ie redundancy or a change in circumstances so it literally was a case of they get part of the money early or risk losing it if my IVA were to fail in the time remaining.

I started my IVA around the same time as you (I remember your helpful posts ) and finished two years early. I guess the concern would be you only have 7 months left to run so the creditors may decide to hold out a few more months for an extra share of the £3700 difference between your offer and the total owed, for your sake I hope not.

My offer was £7500 on a £9500 debt remaining which reduced the dividend from 32p in the £ to 27p in the £, I finished two years early.
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Charco_2

If the creditors reject the offer, you still have an agreed IVA that you can stick to (ie the monthly rpeayment one). You can make a new offer... " a friend was able to help me with a further £1,000 or something like that story" but it's up to you wether you think that'a good idea!

Think about where the lump sum is coming from, sale of an asset? third party funds (friends/family)? is it worth it for seven months early? This is really a personal decision and i know it can be based not just on the finances etc but the joy at finally being free of the IVA.

Voting takes 14 days, not 28... well, sort of 16 days I think! Your IP may give you an indication of how the voting is going before the final closing date of the creditors meeting but it can depend on the IP, nthing would be final though until you reach the hallowed 75% agreement.

Good luck!

james32_uk

Only 2 weeks to go until my F&F date and only 1 vote in so far accepting my offer. They re only around 2% of my debt! If there are no more votes does that still count as an acceptance?

FoggyBrain_2

At my initial meeting (which will have been run on the same lines as your F&F meeting, some of the votes weren't "cast" until literally, just before the "appointed hour". 24 hours before the meeting not a single creditor had been in touch. By the deadline all of them had voted ( all yes, thank goodness). So, it really is a waiting game, I am afraid.

Best of luck

jr82

If the creditors reject your proposal you can always get your iva company to re-draft a better offer, but it really depends on what grounds it is rejected on.

If only 1 creditor has voted by the time of the meeting, then your iva will still go through, it is the other creditors fault for not voting. But what you will find is that most creditors do not vote until a couple of days before the actual meeting, and given that the financial sector is pretty much closed down over the xmas period, it is likely they wont vote until the 4th which is the first day back.

fingers crossed for you though!

james32_uk

Hi all. Good news for me as my offer has been accepted! It's been a long long road but in a couple of weeks my IVA should be satisfied and hopefully I should be debt free within 6 months. Thanks to all for help and advice in the thread above and since I joined here around 6 years ago.

I couldn't have done it without you. :beer:

doelani

james23_uk wrote: »

Hi all. Good news for me as my offer has been accepted! It's been a long long road but in a couple of weeks my IVA should be satisfied and hopefully I should be debt free within 6 months. Thanks to all for help and advice in the thread above and since I joined here around 6 years ago.

I couldn't have done it without you. :beer:

Great news James

FoggyBrain_2

Great stuff !!! Well done -- I bet "chuffed" doesn't cover it !!

james32_uk

Just got the paperwork through and interestingly my only vote from around 10 creditors was a yes from Natwest! I only owed them about 1k from an overdraft. That's one mistake I'm now glad that I made. Cheers Natwest :beer: