Does anyone have experience of how MBNA, Barclays and Tesco usually vote?
Myself and husband are applying for an interlocking IVA. These three are Our biggest creditors holding over 25% each so their votes are crucial.
Also. As it is an interlocking IVA. How are the percentages calculated? We both have debt with each of these companies so are the balances added together or percentages allocated individually?
Confused myself there!
You both have to receive votes totalling 75% of your debt for it to be approved I believe. If one gets and the other one doesn't then that persons IVA will be doubt - we had all three of those creditors and they voted in favour of our iva.
Sharing from experiences of dealing with debt
There is a solution for everyone .... Just need to stay positive !
Although your IVAs are interlocking, they are still two different IVA's. Your IVA will list your creditors and his will list his creditors. There will be effectively two meetings, one for each IVA. Both Tesco and MBNA voted yes to our IVA's
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
I had Barclaycard, they voted yes, MBNA voted yes but with a modification. The IP used their discretion to reject it as they were a low percentage of my overall and I had 76% even with them as a no.
