www.iva.co.uk

Hello again [:)]

Quick question:

I'm currently awaiting my creditors meeting date and I currently owe 62k with the biggest of my creditors being a shortfall on a repossessed house for 46k.

If this creditor votes 'yes' to the IVA as it is proposed to them will the other creditors be bind too it, or can they still enforce adjustments to the plan?

Cheers peeps

M

Anyone help with this? The mortgage creditor is exactly 75% of the debt.

If they're exactly 75% then all creditors will be bound by the Arrangement if they vote in favour and all creditors will have to cease collection activities. However 46K is only 74% of the debt so another creditor will also need to vote positively.

Hi Michael, if on the exact numbers in your proposal the creditor is 75% and they vote, then yes your IVA will go through. If however they prove to be 74.9% then that .1% is enough to turn it the other way if all other vote against it. I am sure at least one other creditor will vote positively if you have a good team behind you. Keep us posted and fingers crossed!

Cheers to both of you