www.iva.co.uk

Can anybody tell me what happens at the IVA meeting ?
Do the creditors actually all get together with the I.P or is it done by another means ??

Hey John, voting is usually done by fax or phone. Viki X

Or not at all if you are lucky!!!

Yes, in our case we had five creditors between us (some multiple debts with some of them). Only RBS voted yes, Lloyds TSB voted no, and the rest didn't bother!

If they don't vote is that counted as a yes or a no? Do you still need 75% of creditors to actually vote yes for it to be approved? Viki X

If they don't vote, it is deemed that they approve. As long as 75% of your creditors either vote yes or don't vote at all, it will be approved.

Thanks Kallis, I always wondered about that. X

Just to clarify that there does need to be at least one vote supporting the arrangement for it to be accepted. No votes means no IVA!

Hi
Yes just to clarify this point.
A no vote is exactly that a NO vote and it does not equate to a yes vote.
You need a 75% or more yes vote from creditors,BY VALUE HELD,that actually vote on the day.
For example if you owed a total of 120k between four creditors each owed 30k and only one voted and it was a yes then your IVA would be agreed[100% yes vote].If two voted and one said yes and the other no then your IVA will be rejected as you only received a 50% agreement.If all four voted and one said no then your IVA would be accepted on a 75% agreement[120k worth of debt voting and 90k agreeing]
I hope this all makes sense
Regards

Thanks Melanie and thanks Andy for that explanation....I understand perfectly now. viki X