Insolvencey Practitioners (The Untouchables)

fnc6810 wrote: »

Just a few questions to ask to help me relieve the pain of being mis-led and ripped of . Lets see if anyone can come up
With answers that don’t start with ………First of all you should contact your supervisor………..

1. What is the difference between a). A Voluntary Arrangement b). An Individual Voluntary Arrangement?
No difference, "voluntary arrangement" is just a common contraction of "individual voluntary arrangement"

2. Why were we advised this course of action when credit reports clearly proved I had not missed payments?
There are 2 tests of insolvency: inability to make payments as and when they fall due or total liabilities outwiegh total assets. Presumably you fell into the latter category

3. How many people can be in an Individual Voluntary Arrangement?
One - as the name suggests

4. Why call it Individual when we both were in it?
Where finances are managed jointly, it is common practice to propose 2 interlocking IVAs for ease of administration

5. Was this to make the debts up to the required £15,000?
Not necessarily. It may be that if one party was given an allowance to maintain debt repayments, there would be insufficient surplus for the other to propose a viable IVA

6. Why were we told to stop paying creditors in January 2003 and pay our I P £300 per month?

7. Why pay the £300 before approval, we paid twice in March (= £1200 before the arrangement was approved)?

8. We didn’t have as much debt as we paid of this was interest from January – May 2003
Why were not told to expect this and when is the interest frozen from?

9. Why was the Arrangement approved with modifications without our permission? We had no choice to accept or reject these modifications.
Sometimes the modifications put forward by creditors do not directly affect the debtor, for example modifications to fees. Even so, these should have been discussed with you before going forward

10. Why after 1 year had our I P not got in his possession Proof of Debt from all creditors?
Creditors can drag their heels over providing proof of debts (anyone would think they didn't want their money!)

11. Why the difference in fees between the proposal and final settlement (The supervisors fees nearly double what was stated in the proposal)?

12. How can we be sure what was paid to the creditors (The ones still chasing us and the ones who say they received partial settlement)?
Contact your IP - they should be able to provide a breakdown of dividends paid to creditors

13. Why does the I P in charge keep changing company names, and governing bodies?

14. Why couldn't you make up your mind what was owed to end the arrangement (5 different statements from the same date and about £3000 difference)?

15. Why different stories from the I P and his staff concerning this arrangement?

Just to give a brief outline to my IVA
Phoned for debt advice January 2003
Arrangement agreed May 2003 (Already paid £1200)
Completed November 2004 with creditors paid 100p in the £ (100%)??? If they were paid???
Final report received 18 June 2008

The dates above are correct and I have all documents to prove what I have said

G Oliver
Fnc6810 :mad: