www.iva.co.uk

Hi,
we have taken the steps to enter an IVA using vincent bind ask the staff have been great so far, just getting the final bits of paper work together only really have 3 main creditors and they are lloyds tsb, santander and tax credits(overpayments)totaling £46,000 (scary i know) has anyone had these as creditors and what are they like ? do they go for IVA's or vote No?

I didn't have those creditors but you are in very capable hands with Vincent Bond. So don't worry about a thing xx

We have Lloyds TSB on our list but they seem to be ok, they were our main creditors.

Thanks lloyds were really good when we spoke with them to reduce payments etc very understanding so hoping that will stay the same. It's santander that worries me as they were very blunt when I asked for help they said we could reduce our payments for 3 months but after that we had to go back to original amount regardless of whether we could afford it ! Also tax credits no pne seems to have mentioned them much anyone experienced them in on iva ?

It varies from person to person - Lloyds were one of my lowest creditors and they voted no. Not sure about tax credits or santander. However, Vincent Bond would not be putting you forward for this if they didn't think it had a very good chance of being accepted.

Sorry cannot help re tax credits. Lloyds TSB were my major creditor but didn't even vote at the creditors meeting (2006). They had also prior to this expressed their disquiet when I told them we had applied to enter in to an IVA. However, it may be that they have become more accepting of IVA's in recent years.

Lloyds were my main creditor about £40K and they voted yes x

Santander also voted yes x

we had overpaid tax credits and Lloyds - both accepted.
this bit is very stressful,hang on in there,hug x

Thanks everyone the support means a lot x

we had 3 santander accounts and they didn't bother to vote at all, but have continued to apply interest and defaults every month following approval, they also refuse to discuss my accounts with my IP so are not the most amenable to say the least!

have a feeling they are going to be the ones that will object as so far they have not exactly helped when we asked for help!!!
if we have 3 creditor do we only need one to say no for it to be rejected?

You need 75% to say yes ... that %age is calculated by the amount of debt owed. So if one creditor has 80% of your debt and says no -- it's rejected ... if that creditor says yes, it's accepted whatever the others say.

It's 75% by volume of the creditors that vote on the day that have to agree.

hi, it can be hard to grasp but the staff who've been un helpful to you are very UN LIKELY to be those who will vote on your IVA. we had one creditor, a man "working" for Lloyds who threatened us that he would be voting on if our IVA was accepted....or "NOT" was the threat. it was so frightening.

it was accepted. be brave,stand firm& trust your IP. you're doing well x