www.iva.co.uk

Most of my debts that are in my iva have now been sold on and the original companies have nothing to do with them anymore..so how can the majority holder have any say in the iva extension as the don't own the debt anymore???

Creditors use voting houses (firms of accountants) to vote on their behalf. Typical voting houses are TIX (The Insolvency Exchange), KPMG and Grant Thornton. These firms of accountants will have certain instructions and criteria given to them by the creditor or purchaser of the debt on how to vote. It's normally good news if a debt has been sold as usually the new creditor will vote favourably to the IVA terms as they need to cover the price they paid for the debt and make a profit. Example a debt of £1,000 purchased for £150 and the IVA is promising 65p/£, it's a no brainer on how that creditor will vote.