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With my creditors meeting looming on Monday, can anyone give me a clue as the how the following creditors are likely to vote:

Egg,Barclaycard,HSBC,HFC,Amex,Sainsburys Bank,RBS,Diners,GE Money, M & S, Morgan Stanley,NatWest,Goldfish.

I am aware that HSBC & MBNA can be troublesome, but what about the rest?

I owe around 20% of my debt to MBNA and my worst case scenario is that they vote no and due to the large number of other creditors I will get a lot of them not voting. I essentially need them all to vote or MBNA to vote yes or not vote.

Hi again
Out our 17 creditors only seven voted, of those that you have natwest voted yes and held quite a large percentage, though tsb held more and did not vote. We both had mbna and rather strangely they voted yes to hubby and no to me, though I held the lesser amount,barclaycard didnt vote either. I can only say how they voted with us.


Ang

Please visit my blog at http://aguise.blogs.iva.co.uk/

MBNA seem to have a specific reputation, but from reading a number of posts on this subject it's hard to predict with any given company as I guess they look at each case on it's merits. I understand that about 80% of IVA's are accepted, so chances are you'llbe fine....

Very best of luck and know you have fingers crossed for you here...

Martin

All of those creditors are generally supportive - some have differing criteria, but if you have put the very best proposal forward you should get their support.

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

To have me propose an IVA for you, please visit:
http://www.melaniegiles.com/ivaEnquiry.asp

See customer feedback at:
http://www.iva.com/iva_companies/IVA_Advice_Bureau.asp

Many thanks for info...
MBNA have just sold my debt to max Recovery so Im hoping they will vote a YES which will nullify the need for all the rest to vote.

Max Recovery are generally supportive to IVA proposals.

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

To have me propose an IVA for you, please visit:
http://www.melaniegiles.com/ivaEnquiry.asp

See customer feedback at:
http://www.iva.com/iva_companies/IVA_Advice_Bureau.asp

Thanks Melanie fingers crossed then!

Hi frequentflyer -

I have many of your Creditors.

Just for info - in my case - Egg, HFC, RBS , M + S, Morgan Stanley, NatWest and MBNA (or rather Eversheds) all voted Yes.

Barclaycard and Goldfish did not vote.

Sainsburys Bank voted No.

Good Luck for Monday.

Thats Optimist12. they are alot of my creditors, how much in the pound did you offer ?

What happens if, say, less than 75% of creditors in value vote YES and the rest dont bother to vote at all....does the meeting get adjourned to get those that didnt vote to do so or what??

The dividend in my case was just over 40p in the pound - I held out little hope of approval but was pleasantly surprised on the day!!! I did get a Minimum Dividend modification though (fixed at 42p in the pound). And there have been many many cases on the forum recently who have got through with much lower dividends.

Like Aguise I had many "non-voters" who did not lodge claims on - or before - the day and they were therefore not included in the Yes / No calculations. It is worked out based on the total value of claims lodged in the Yes and No camps. Though I think that the I.P. can apply for an adjournment if they need to try and get one or more non-voters to vote in favour in order to reach the 75% threshold.

Optimist, I have put forward 40p and to be honest that is my BEST offer, I really dont have any leeway to modify an increase...reading this forum I see cases where people have accepted modifications to increase their payments at the request of creditors, but my proposal was calculated to give the best possible offer to creditors, and I would have thought that they should appreciate that and looking at the figures acknowledge that I cannot modify.
The issue of the non voting creditors gets more and more confusing to me....what you are saying then is that the 75% value of debt is NOT calculated on the total ammount you owe BUT on the total value of debt that votes have been received on????

Yes - if a Creditor does not vote on the day then the amount of debt owed to them is not included when the figures are added up at the meeting.(Well - certainly this was how it worked in my case!!). It is only the ones who have lodged a claim who are taken into account. So if you have a big Creditor who does not vote the IVA could succeed - or fail - based on smaller creditors who have lodged claims.

I think some of the experts have posted recently that it is now commonplace for creditors to seek to increase the debtors monthly payment slightly as a modification - but if you are putting forward your best shot then what more can you do? Hopefully they will accept this on the day.

I am lucky in that I get regular overtime (for now at least) so am able to pay in extra money each month. I am hoping this will cover my Minimum Dividend requirement without any need for extra payments at the end.

Good Luck for Monday!!!

Hi frequentflier

IVA voting works like a general election. The outcome is only determined by the people who bother to vote and for an IVA to be approved 75% BY VALUE of votes RECEIVED have to be in favour.

The only slight complication is that AT LEAST one creditor must vote in favour. If no votes are received (more common than you might think) the IP would adjourn the meeting to try to get creditors to vote.

Thanks guys...that makes things much clearer, I was really concerned that with a massive debt like mine of £160K and something like 25 creditors I was going to have to accumulate around £120K in value from all creditors to get my 75% but if its based as you say things could work out a lot easier....but wait a minute I am in danger of getting optimistic now!!!