www.iva.co.uk

Hi all,

Well after months of preparation our creditor's meeting was last Tuesday and all approved with a few modifications relating to Practitioners fees.

We have now received the modifications and the chairman's report - we were told that not all Creditors voted and not to worry about this, & indeed seems only four of the six did so.

I am curious as to why some creditors would choose not to vote, by not doing so does this mean they automatically accept the IVA as presumably they will now be included within this?

Thanks
Chris

Hi Chris

Sorry i have no answers but i wanted to say a MASSIVE CONGRATS!

Really chuffed all went well.

Good luck with everything now,

N

Thanks N, it is a real weight off of our minds I must say, just would like to know now re. Creditors not voting, if anyone does have any answers?

It baffles many an insolvency practitioner as to the who's and why's of voting. Certainly if someone was a small creditor they may not bother voting knowing they are unlikely to affect the outcome. But either way you have got the green light to a fresh start that begins with the running of your IVA.

Good luckand keep posting.

Paul

Sometimes they simply cannot be bothered! But we don't really mind, as the less that vote the less trouble they cause!!

Regardless of whether they voted or not, they are all bound by the IVA and cannot chase you anymore.

MelanieGiles wrote:

Sometimes they simply cannot be bothered! But we don't really mind, as the less that vote the less trouble they cause!!

Not sure I would totally agree with that from my own personal experience.

I had 50K of debt over 8 creditors.

Only creditors to the value of 10K voted and my smallest creditor with around 2.2K of the debt (ie 4.4% of the total debt) voted against.

My IVA was therefore only just approved as the 7.8K voting for was only 78% , just 3% above the 75% minimum.

Remember though herbekj that you are basing what you have said on one case,compared to Mel's umpteen cases a day!!!

Paul

Congratulations Chris on the acceptance of your IVA - great news! It is strange the some don't vote, but hey, thats their choice! You beat the magic number of 75% and thats all that matters.

Hope all goes well.

Regards,

To herbekj - did your IP think to try and canvass more votes? If the decisions made by the few that did vote meant that you had to accept onerous modifications, this could have been countered by more votes coming from supportive creditors perhaps.

Hi, actually no, the only modifications were the usual, greater windfall than £500 pay it over, if move were I was living must inform IP immediateley etc.

Didn't have to change payment into IVA.

I guess on that basis they didn't feel it necessary to get more votes.

I see your point.

Thanks

Congratulations from myself too x

We just had ours approved today and the one creditor that we thought might cause problems was mbna and as they were one of hubby's main creditors it was a worry.

But they didn't vote at all!

Amazing, given the amoung of hassle theirh collections team are known to dish out in the weeks leading to an IVA being proposed.

If a creditor does not vote does it mean they are part of the 75% needed to get approval.I am asking as MBNA will be about 24% of our vote.If they vote against that would mean we need virtually all of the other creditors to agree. Does that mean if MBNA voted against and if some of the other voters don't vote to make up the 75%, our IVA would fail?