www.iva.co.uk

Hi one for the experts I think

HBOS own a fair percentage of my debt 34%

There is a halifax loan, credit card and BOS credit card

Same with Lloyds 41% of vote, made up with a loan and a credit card.

Would this be classed as 3 votes for HBOS and 2 votes for Lloyds or would they only get one vote each.

Sorry for all the questions.

Hi
We had a Halifax Overdraft and credit card
also a Bank of scotland credit card.
That was counted as 3 votes for us and they all voted YES but they are represented by TIX (The Insolvency Exchange) who vote on their behalf

I would say they are likely to vote as one but they weighting of their vote will be dependant on the cumulative amount owed.

Hi

Generally it goes by value, rather than number of accounts. However, there may be different companies within the same group so there might be more than 1 vote from each "group" but as they would all vote the same way it wouldn't really matter.

The one exception is Black Horse, which is part of Lloyds. To say that it has been known not to follow its parent would be an understatement!

Life gets more strange because Tix will vote for HBOS and KPMG will vote for Lloyds. You have only accounted for 75% of your debts so precisely how the vote will actually go depends on who the other 25% is. If it is say RBS/NatWest etc then it would be Tix.

Sorry to confuse things!

ian

Thanks Ian

The others are RBS/Mint 11%, First Direct 3.5%, Citi Card 1.75%, Capital One 4% and GE Money 7.5%

My other question is:- If they have been passed on which the Lloyds accounts have one to Bryan Carter (Fredericksons) and AIC. And HBOS to Blair Oliver, Citi to Cabot Financial, GE money to Assett Link and First Direct to Moorcroft. Does this make a difference does TIX and the other one still get the vote.

Sorry again.

RBS/Mint & First Direct should be Tix.

It looks like Citi have sold their debt to Cabot who (I think) use KPMG. Capital One use Grant Thornton to vote and GE Money look to have sold to Assett Link who (I think) vote themselves.

So, there will be 4 effective votes: Tix, KPMG, Grant Thornton, and Assett Link. Tix and KPMG will between them determine things.

Make sense?

ian

So TIX and KPMG will have the casting votes as such.

If I understand it right?

Spot on!

Sorry to be a pest Ian.

But on the proposal it doesnt list Cabot Financial, Assett and Frederickson's as being the creditor it names the original creditor is this right? I guess the proposal will be posted out to the original creditors at the addresses shown?

I think Fredericksons are probably collecting the debt. However, my experience of Cabot and Assett Link would suggest that they may well have bought them. You might have a chat with the IP firm that you have instructed to put your mind at rest or at least make sure they get a copy of your proposal.

ian

Thanks for that

Would it be worth it as Cabot only have 1.75% £600 and Assett £1500 in the grand scheme of £35k

Thanks again Ian

It is worth a call to the nominee. Whilst it won't result in a challenge to the IVA if they don't get notified (because of the value) it is untidy and you might get a few unwelcome phone calls as they continue to try to collect the debts.

Ian

Thanks Ian

Thought I would keep you posted. I contacted PAYPLAN and they said Assett and Cabot will get a copy of the proposal but the original creditor ie, Citi Card and GE Money get the vote.

Thanks for your help.