I am in thr process of application for an IVA but have a question.
I have a RBS Current Account which is overdrawn, a RBS Credit Card up to its credit limit and a Mint Card again up to its credit limit.
My question is, because each of the 3 creditors is part of the Royal Bank of Scotland would the total debt be voted on by the creditors as 1 debt as opposed to 3?
ie. Would there be one vote cast by creditors or three seperate votes?
It is effectively one creditor but RBS use more than one agent to vote on their behalf. I assume there must be other creditors as it is unlikely that an IVA would be accepted if these are the only debts.
Just a note from experience, apparently it is unusual for RBS to vote as they use another company called 'The Insolvency Exchange' (or 'TIX') to vote on their behalf. Hopefully this will go in your favour with regard to getting your IVA accepted! Good luck! xx Vickilou28 xx
An interesting question this and one I did not ask when I was going through the IVA process with my IP,as all my debts are technically with one creditor: An RBS unsecured personal loan, an overdrawn RBS current account, plus 2 RBS credit cards overlimit and no other creditors - I often wonder if I should have been advised to opt for a DMP or bankruptcy as I often feel uneasy with the 'scattergun' approach of my IP, and whilst I want to go the whole course towards paying off my debts I feel sure that my IP will bowl me a 'googly' somewhere along the way as they hardly instil confidence. I didn't come across this forum until fairly recently which has been a boon to answering my questions in a clearer fashion than my IP ever did.
Anyway - I suppose my fears are unfounded - here's hoping !!
