www.iva.co.uk

Hi My husband and I are putting in for seperate iva's. How do I work out how much debt is with each creditor, and how do i work out what I need for a yes vote ??

Sorry about this dont know how to explain

Hi
About your question - "how do you know how to work out what you need for a a Yes vote" There is no absolute set criteria,even those banks like HSBC who supposedly have a 40p acceptance hurdle can sometime accept less and vote otherwise.

It is the case of putting in your BEST offer that you can afford.


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Hello Caraf,

You could alway apply for you credit report which should show the different amounts that you owe to each creditor. However you must remember if you have joint debts you are both the whole amount not just 50%.

Best Regards,
IVA Experts
http://www.iva-experts.co.uk/

I think you have mistaken me if i have 85k of joint debt and I owe the halifax 31750 what % of the debt is that

Hi caraf,

Some statements will show you the total debt others wont so you can call your creditors or get a credit report.
As for the YES criteria i'm afraid there isn't any it's all down to the creditors. There are some more likely to accept proposals others wont.

Regards,
Michelle P.

Hi caraf,

I'm not sure if this is what you want to know but
if you owe 31750 out of 85k then you owe 37% of that debt.

Regards,
Michelle P.

Sorry for the misunderstanding caraf,

How we would calculate that is:

£31,750/£85,000 = 0.3735 X 100
= 37.3% as IVA Squirrel has already mentioned.

Best Regards,
IVA Experts
http://www.iva-experts.co.uk/

thanks for that.

So am I right in saying that I need 75% of value of my debts to vote yes for it to be accepted

You need 75% of the creditors that vote to say yes to your proposal and votes are weighted to represent the amount of debt that particular creditor is owed. This way if only one of your creditors voted (despite the fact they could only hold say 5% of your debt) that would be a 100% yes vote and your proposal would be imposed on all your creditors.

Best Regards
Oliver

Thomas Charles and Co Ltd.
Experts in personal debt solutions.
Read customer feedback at: www.thomascharles.com/about_us.asp

What happens if some of my creditors dont vote, is that better or worse for me ??

Hi caraf
Most of my creditors did vote only 2 did not.

Try to remember that more iva's get accepted than rejected - around 90% get accepted so if you have put forward your very best offer and have a competant IP representing you it should all be ok.

I know it is a very worrying time having been through it very recently myself but try not to worry to much - put your faith in your chosen IP to do the very best they can for you.

I did a spreadsheet of all my debts and added it all up ([:0]) and from that worked out the percentages each creditor held. To be honest I had a lot of creditors and no particular one held a massive percentage.

Do you have a creditors meeting set yet or are you in the proposal stage?

Hi Caraf
You need 75% or more of the debt owed THAT VOTE ON THE DAY to say yes.
You will be surprised at how many creditors do not vote.
If Halifax have 37% of your debt and they vote then it will be upto them solely if your IVA gets accepted or not.
Regards

Andy Davie
IVA.co.uk Spokesperson

About me:
http://www.iva.co.uk/andy_davie_profile.asp

IVA Helpline: 0800 197 4838
http://www.iva.co.uk/iva_helpline.asp

No meeting set yet. Should receive my proposal in the morning and I am very frightened at what to expect and what if I dont understand it ??

Hi
Ask your IP to explain,don't feel embarrassed to ask,this is a life changing experience and you need to be fully informed
Regards

Andy Davie
IVA.co.uk Spokesperson

About me:
http://www.iva.co.uk/andy_davie_profile.asp

IVA Helpline: 0800 197 4838
http://www.iva.co.uk/iva_helpline.asp