creditor voting

[Julian]

Good luck to anyone planning an IVA, regardless of why we got into debt in the first place, an IVA is the road to getting your life back. My application was approved, for information based on a total debt of approx £33,000

Egg-----Yes 13%
HBOS-----Yes 26%
HSBC----Yes 32%
RBS-----Yes 11%
Capital One-----NO 1.6%
MBNA----------NO 16%

Biz bizarre the last two as both had submitted modifications prior to the meeting which we agreed to!

[Emily]

Those C1 and MBNA rejections are sight for sore eyes...!!!! I want to use my bread roller on them

[plasticdaft]

Well done on acceptance. Egg didnt bother voting in our trust deed application(scottish IVA).

[pbeck]

My suspicion is that Capital One and MBNA were voted against i.e. they voted in favour subject to modifications but the IP already had sufficient majority and therefore couldn't be bothered to accept the modifications that Capital One and MBNA put forward.

Capital One are putting forward modifications restricting total IVA fees to £4,500, for larger IVAs this is below the TIX/standard industry percentage model for fees, therefore the IP will vote them against if they can.

[janderson]

Hi Philip

I am curious as to your response, do you mean the IP is voting against the applicatio. It worries me that I read this as the IP in control of success or failur of application and not the creditors as I thought they are the voters.



thanks


John

[MelanieGiles]

My suspicion accords with Philip's with regard to Capital One but not MBNA who probably outright rejected the proposals as seems to be their norm at the moment if they feel a DMP is more appropriate. Of course an IP would not case votes which would serve to the detriment of the IVA being accepted.

The IP as Chairman of the meeting has discretion (usually!) to cast the creditor votes in whatever way he chooses, so it is entirely appropriate for him to outvote certain creditors if he feels this is for the good and benefit of the arrangement.

[james.a]

what do the % signs mean next to the amounts . also what sort of monthly payment are you on and do you have enough to live on

[MelanieGiles]

Those are percentage signs.

[Viki.W]

James, Julian has listed each one as a percentage of the overall debt. X

[Julian]

Hi, mymonthly payments are £391 for the first 10 months and then drop to £350 subject to pay rises, cost of living increases ets. The xtra £40 for the first 10 months being as a prepayment for tax for year 2008-2009 as some of our combined income is from self employment.With Cap 1 and MBNA, I had been in a DMP for the last 8 months prior to IVA and MBNA were the first creditor to accept the DMP at a rate of £43 per month on a debt of £5000.

Regards