IVA decision postponed, panic!! anyone had this??

getdebtfree

Hey guys

My creditors meeting was on Friday 4th jan

There was a problem with approval as my wife has one joint loan with me with santander.

which was taken out in her maiden name and there was some confusion veryfying it.

So

Apparantly its a company called KPMG that are voting on santanders behalf that have asked for it being postponed.

I am a bit worried now, does this mean there is a big problem?

Anyone else had this happen?

Thanks

FiatFan_2

hopefully it's nothing to worry about, sounds like a minor technicality but as iva's are legally binding documents then they'll have to be work perfect.

the debt is your wife's and their not able to claim from a secondary source. some of my wife's debts were in her maiden name and we had to provide identification in both names

UpToMyNeckInIt

Hi GDF. So sorry to hear of your protracted IVA process - I cannot even begin to understand how stressful this must be.

You would have thought that your IP would have sorted this technicality out prior to the creditors meeting wouldn't you!!!

As FiatFan suggests, I am sure this is just a glitch though.

However, if you have a 'joint' debt, there is a strong possibility Santander will pursue the other party for the full amount (as they are legally entitled to do). I assume you/your IP are aware of this. If not, get your IP to attend to this point as well, as you will need to budget for your Wife to be able to pay this debt.

Quite honestly, if your IP continue to foul up the basics at this stage, I would give serious consideration to switching firms even at this stage.

Wish you all the best in getting this situation sorted out.

cheesedoffwithdebt

I would imagine, and am hoping that KPMG just want to verify certain issues regarding that loan. KPMG are one of the largest accountancy practices in the UK and so will have some fairly tight processes on insolvencies, I do hope thats all it is, and as uptomyneckinit has said it must be so stressful, I was in pieces the day of my IVA meeting -and it was approved. Let us know how it turns out!

getdebtfree

UpToMyNeckInIt wrote: »

Hi GDF. So sorry to hear of your protracted IVA process - I cannot even begin to understand how stressful this must be.

You would have thought that your IP would have sorted this technicality out prior to the creditors meeting wouldn't you!!!

As FiatFan suggests, I am sure this is just a glitch though.

However, if you have a 'joint' debt, there is a strong possibility Santander will pursue the other party for the full amount (as they are legally entitled to do). I assume you/your IP are aware of this. If not, get your IP to attend to this point as well, as you will need to budget for your Wife to be able to pay this debt.

Quite honestly, if your IP continue to foul up the basics at this stage, I would give serious consideration to switching firms even at this stage.

Wish you all the best in getting this situation sorted out.

Hey

Yes really stressfull as its been postponed untill 16th jan, the original date was 4th jan.

The IVA company have been great throughout though really.

Even though my wife only has one joint debt with me, she had to enter into the IVA with me.

This debt was taken out in her maiden name before we was married.

I think its a case of checking her identity before they issue their vote.

although no one has asked for her original birth certificate.

We had to send in copies of our passports for identification.

as far as I know no one else turned up to the creditors meeting, or I think we had one vote agreeing to IVA.

Now they need the vote from KPMG to approve the IVA.

But what worries me is this issue would have taken 12 days from date of original creditors meeting.

I mean will another meeting have to be called, or can the other creditors suddenly post in a vote and turn it down?

im just really worried now as its so far from the original creditors meeting, and I was assuming it was just an identity issue.

Really frantic hoping that the whole IVA will not get approved.

Thanks guys

FiatFan_2

easy to say, but i wouldn't worry too much about the time scale. I think when we started our iva journey we were quoted 6 weeks from start to acceptance. It took 9 months in the end, one of which was debt ownership as many of the wife's debts were in her maiden name.

At least by the time we were accepted, there was no doubt we were doing the right thing

phild145

My IVA finishes later this year but my creditors meeting was postponed 4 times before it was accepted and that was because not one of the creditors had responded. Eventually only Welcome Finance responded and that according to Payplan was a rarity. I would imagine it will be resolved in you favour in due course.