I was wondering whether the IVA Legislation is likely to change. From reading the Insovency Service website (dated Nov 07 - Jan 08), it appeared that they were planning to change the proosal from 75% of the Creditors in value to just 75% of the Creditors aceepting. I have 7/8 Creditors with the largest debt being owed to Paragon following a Mortgage repossession. I owe approx £51,000 and therefore Paragon have control of around 40% therefore If I try to apply for an IVA Paragon have the final vote. I do earn a good wage and can afford to offer 0.50 p in the pound but am worried that they will not accept this
I've not heard anything about any change in the legislation. The last thing I heard was about the SIVA's which they were planning on doing, but these have been shelved.
One of the professionals will probably be along shortly to tell you for definite.
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
I think that you may have misunderstood what you have read on the website. There has never been any move to amend the voting from value to number of creditors.
Paragon are a creditor who regularly support IVA proposals, and are represented by a very reputable firm who are extremely commercial when reviewing the IVA proposals on their behalf. From what you are saying you have the makings of a good IVA, and I have had two cases accepted by Paragon this week.
I would suggest that you take advice from an insolvency practitioner, to learn more about IVAs and other debt solutions you may wish to consider.
