im confussed plz help

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mail2

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Post by mail2 » Sun Jun 17, 2007 6:54 pm
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hello, can any one please help me understand an iva. lets say i owe £120,000 to 18 creditors the biggest one is £26000 followed by £18000 and £12685 now because the three who i feel wont vote in my favour totals £56685 which is more than 75% ofr the debt does that mean my iva will be kicked out or is that if only one creditor is more than 75% which works out to be £30,000 refuses the offer its thrown out.

now what about if 10 creditors refuse totalling £40,000 does it get thrown out

plz help

john
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PoorbutHappy

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Post by PoorbutHappy » Sun Jun 17, 2007 7:28 pm
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In my case, only Egg (15K) and HFC (£300) bothered to turn up and vote (both in favour - so 100% for). The holders of the other £40K couldnt be bothered.

If you give a breakdown of who is involved I'm sure the experts will be able to shed more light
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