Hi I recently opened up an iva application and worrying about the meeting of creditors. I owe about 20k when I realised how down I was however when all the credits add up it says about 6.5k is to everyday loads which is about 32% of the voting system which means id instantly lose the chance to win the iva. But that however is including interest i took it out in September so surely my interest won't be that high already so will this be considered in the percentage vote and be looked at, because all interest rates stop? as ive heard everyday loans automatically rejects ivas. Just as when I took the loan out it was 3.2k and ive been paying £200 for the past 4 months. So will this affect the voting system?
Thanks in advance it's got me so stressed worrying as if it doesn't i knkw the iva will automatically be rejected of they decline instantly.
It is 75% by value of the creditors who vote on the day of the meeting and all others are then bound by it. I would say though that this loan is relatively new which might make a difference to the vote. If the answer is no then you could think about a Debt Management plan in the interim.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
