IVA accepted!

[zoe]

Congratulations Poppy
x

Zoe
x
Keep your chin up - everything happens for a reason!
View my blog http://zoes.blogs.iva.co.uk/

[poppy]

Thanks Zoe x

Who are your creditors Blue?

[sps]

Hi Poppy
Glad to hear it went well for you today. Sleep well tonight!!
Sue

[RedDevil]

Well done poppy. Five years will fly by. No more nasty letters and phone calls. Strange thing was my IVA was approved on the 14th of June and guess what? One of my creditors M&S started calling again number withheld twice a day last week. I knew it them because they were the only one of my creditors that witheld their number when calling. Anyway, I rang them up and told them to switch off their auto dialler otherwise my solicitor would be contacting them. Yep they don't call anymore.

Best wishes and good luck for the future

RedDevil [8D]

[DevonLassie]

Hi Poppy

Congratulations on your IVA!

My creditors meeting is next week (26th) and I'm very nervous! But now I'm even more confused about this 75% by value rule because I looked at the list of your creditors and saw that you owed Lloyds £24K, which was about 54% of your debt (i think!) but they did not vote and your IVA went through. I'm confused because I thought that if a creditor had more than 25% of your total debt they could prevent the IVA going through if they said No or didn't vote, is that right? or am I just being a bit thick!

About 53% of my debt is with HSBC and my main concern is them saying No because I know what a pain in the a*se they are! (although I am offering 42p/£)

Bye
Devonlass

[MelanieGiles]

Hi Devonlass

The percentage for acceptance is based on the creditors who actually vote, not the total body of creditors.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk

[poppy]

Hi Devonlass

I thought the same as you but apparently if you get a 'yes' vote off another creditor(even if it is just for 5% of your debt) and no 'no' votes it still passes the IVA even if the creditor holding the most debt does not vote. If Lloyds had voted and they voted 'no' then the IVA would have failed.

I hope I have explained that properly?!

I have heard that HSBC are ok if you are offering more than 40p in the pound. Fingers crossed! What other creditors do you have?

[DevonLassie]

Ohhhh.....now I understand!

Thanks Guys, I have been really stressing lately because I thought that it would all depend on HSBC's outcome but now I can relax (well a little bit for the time being!)

My other creditors are-

Virgin (MBNA) £4K
Post Office £4k
Smile £4.5k
Lloyds £1200
Student Loans Company £7.5K
I owe about £16k to HSBC

Devonlass x

[poppy]

Virgin voted yes for me and I owed the same amount.

That's great you are including your student loan, mine wasn't included as it was too much.

Try not to stress too much (it's easy for me to say that now...you should have seen me earlier!).

Stay positive x

[marie]

Brilliant poppy thats great news !

Marie

[Adam Davies]

Well done Poppy
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