Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
I believe it is 75% of the total votes, each £ being one vote, your IP will vote yes for all those who can't be bothered to use the meeting to their advantage.
Your IP does not vote at all. Anyone who doesn't vote is deemed to have accepted.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
No two IVAs will be the same and creditors will vote differently depending upon circumstances.
If your best offer has been put forward and you have a good IP, then you should have no problems.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
Ok now I'm confused. I thougt I had this figured out but now I'm not so sure. So if say for example only 60% of my creditors vote and they all vote yes will my IVA be approved?
If 75% by value of your creditors agree on the day, then your IVA will be approved.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
but what if only 60% in value of the creditors vote and they all vote yes and the others just don't bother voting, does this mean that the IVA does not get agreed?
If all of the creditors who vote on the date vote yes, then the IVA will be approved.
It has been known for only one to agree in the past.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
Hammie (Sam), you are not alone! My hubby and I also have 15 creditors between us!!
Just sent all my paperwork back this afternoon, so now waiting for our proposal I guess. Good luck for your meeting on the 20th
x
I'm so sorry to be a pain and I know I must be having some sort of mental block about this. I was sure one of the IPs stated in another post that if less than 75% of creditors (representing 75% of debt)did not vote on the day then the IVA would not be approved. From what I am gathering from this thread, this is not the case. So you are saying that I could have only 50% of creditors (representing 50% of debt)vote and the other 50% don't bother voting at all but if the 50% that do vote, vote yes then the IVA is approved?
Why not have a chat with the IP firm you have asked to represent you directly on these points. Jan is perfectly correct in her advice, but if there is any confusion about the process you may feel clearer if you get it from the horse's mouth.
The creditors which vote on the day of the meeting represent 100% - and therefore the acceptance/rejection criteria are based on those numbers and not on the whole body of creditors as some may well not vote.
So sorry, I understand now. I think I misunderstood a previous thread Mel. Sorry Jan wasn't questioning your knowledge, it was just me trying to work through the process. I fully understand now. Thanks for your input.
