www.iva.co.uk

Hi I am new to this site, only wish I had found it earlier..... I have my creditors meeting in the am and I am worried sick. I am with Blair Endersby (after reading about them on this site, I think its a big mistake) but so far they have been great. I am entering the IVA with my husband and between us we have 21 creditors,and £78k worth of debt.

Can somone please explain the 75% rule?? I have a loan & mortage with the dreaded Northern Rock the mortage is in neg equity and the loan is for approx £5000. We have credit cards with Abbey, MBNA, Egg, Barclays and Tesco how do they normally vote??

I am really worried its going to be rejected, I dont know what to do if this would be the case as BR is not an option as we would both lose our jobs!!

Please help...

Thanks

Hi Kaza....dont panic. The 75% rule means that your IVA is approved as long as 75% of your creditors (on unsecured lending) agree to your proposal...eg if you owe £78k then your Northern Rock loan (5k) is only around 7% so dont worry too much, however if you owed N Rock over £19.5k then they would have over 25% of your votes.

Eg:

If you owe £100,000 and all but Virgin (35%) agree to your proposal it will fail as they have over 25% of the voting rights.

MBNA 20,000 = 20%
Egg 20,000 = 20%
N Rock 10,000 = 10%
Barclays 15,000 = 15%
Virgin 35,000 = 35%

Hi Kaza and welcome the the Forum. You should be fine with BE and they would not propose something that they did not believe would be accepted.

The 75% rule means that if 75% of the amount of money that votes at the creditors' meeting is in favour the proposal is legally binding on all creditors whether they voted or not. Your creditors are the normal creditors and provided your IVA meets the criteria it should be approved. Best of luck with the meeting and let us know how you get on.

Hi Kaza, Don't worry Blair Endersby would not put your proposal forwards unless they were fairly certain that it would be approved.

I am also with Blair Endersby and I can assure you that they have been absolutely brilliant with me, everything was explained to me in great detail and they have not put a foot wrong so far.

Good luck with your creditors meeting you are in good hands with BE.

Regards BP

good luck Kazza the relief when yours is approved will be tremendous and you will start to feel better Oscar

Hi Kazza,
For every bit of stick that a specific IVA provider gets on the forum there will be hundreds of really happy clients. It's human nature for us to highlight problems; not so human nature to shout about successes and the positives in life. Banjoplayer is right, BE would not put forward a proposal that they did not think had a real chance to succeed. I shall look forward to your post tomorrow where you tell us all that you don't know what you were worrying about! Good luck for the morning.

BE get some good reviews on here as well. I am sure you will be fine and look forward to seeing a positive post tomorrow.

Good Luck!

good luck for tomorrow...sending positive vibes [:)]xx

and from me good luck for tomorrow kazza xx.

Good luck, let us know how you get on x

hi and welcome from me, good luck tomorrow, hopefully by this time you will be feeling much better and having a glass of vino. xx

Good luck from me too, don't forget to let us know how it goes. x

Thanks for all your support and positive vibes.

Only 6 hours until we know our fate!!! Hopfully tonight is my last sleepless night!!

I will keep you updated on how it went.

Thanks

Oh Kaza noticed the time of your post bless ya, hopefully a positive outcome for you will mean you sleep well tonight (after a little celebrating of course) will look out for an update when I get in from work this afternoon. x