im confussed can any one help

[mail2]

hello, can any one please help me understand an iva. lets say i owe £120,000 to 18 creditors the biggest one is £26000 followed by £18000 and £12685 now because the three who i feel wont vote in my favour totals £56685 which is more than 75% ofr the debt does that mean my iva will be kicked out or is that if only one creditor is more than 75% which works out to be £30,000 refuses the offer its thrown out.

now what about if 10 creditors refuse totalling £40,000 does it get thrown out

plz help

john

[Adam Davies]

Hi
If any creditor,or a mixture of creditors with more than 30k of debt votes NO then your IVA will not be accepted.
You need a 75 percent yes vote of the total debt that is voted on at the creditors meeting.
regards

Andy Davie
IVA.co.uk Spokesperson

About me:
http://www.iva.co.uk/andy_davie_profile.asp

IVA Helpline: 0800 197 4838
http://www.iva.co.uk/iva_helpline.asp

[MelanieGiles]

And just to remind everyone that the 75% majority is taken on those creditors who actually vote, and not the entire creditors listed.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk

[iva experts]

Hello mail2 and Welcome to the Forum,

As the other experts have mentioned you will need 75% of all who vote on your IVA to say yes.

Who are your creditors? As there are some creditors that are proving a little more difficult than others when accepting IVA's.

Best Regards. IVA Experts