Rejection

[caraf]

Do and can creditors outright reject an iva proposal, or do they just always ask for modifications ? Is it in there own interest to accept. Can they just say NO without giving a reason

[Oliver]

Because the proposal is voluntary a creditor can reject a proposal for whatever reason they like. However, the vast number of accepted IVAs prove that creditors are happy to make commercial decisions on proposals.

Best Regards
Oliver

Thomas Charles and Co Ltd.
Experts in personal debt solutions.
Read customer feedback at: www.thomascharles.com/about_us.asp

[OPTIMIST12]

caraf -

As I understand it creditors have 4 options -

1) Vote Yes - to accept the proposal as it stands

2: Vote YES - but subject to Modifications (either general or specific to the individual case) - and which will need to be agrred by the debtor to secure the Yes vote

3) Not to vote at all (in which case they are not counted when the figures are added up)

4) To vote NO - an out and out rejection.

[Oliver]

I would say that you have summed things up fairly there Caraf.

Best Regards
Oliver

Thomas Charles and Co Ltd.
Experts in personal debt solutions.
Read customer feedback at: www.thomascharles.com/about_us.asp

[caraf]

Generally how often have you heard of creditors saying an out right NO.

[Adam Davies]

Just to add that the new protocol states that creditors will give a reason for rejection from the 1st Feb
Regards

Andy Davie
IVA.co.uk Spokesperson and Website Manager

About me:
http://www.iva.co.uk/andy_davie_profile.asp

IVA Helpline: 0800 197 4838
http://www.iva.co.uk/iva_helpline.asp

[OPTIMIST12]

Can only speak about my own case - but I had 3 creditors who voted No. Dont forget though - it is not the NUMBER of creditors who vote against - it all depends on the percentage of your debt that they are voting on. My IVA was approved with a "Yes" vote in the high seventies per cent (a close call!!!). I had many non-voters - and often wonder which way they would have cast their vote!!

[caraf]

which creditors voted No, and did they give a reason for there NO

[debbiw]

Caraf, I think creditors vary their votes depending on the individual. I don't think any creditors vote yes all the time. I think you are trying to imagine what your own creditors will do at your meeting. Who are your creditors and what do you owe, and what are you proposing?

[caraf]

my crediors are :
HBOS
Nationwide BS
Egg
Barclaycard
M&S
Next
Ventura (Next Gold Card)
Creation Finance (Duet card)
Principles (GE Capital)
Grattan
Littlewoods
Kays
Paragon Financial

[debbiw]

What is your total debt, and what are you proposing Caraf?

[caraf]

Total debt between our 2 iva's is 85k and our proposal if £500.00 per month and we are surrendering 3 policies within 6 months that will give the creditor another 6k

[cat 1]

Caraf.I really do think the IVA thing is very individual. EG one of our voted no (HSBC) because they did not know we were experiencing finacial difficulties.Hello???We owed our largest debts to them and banked with them!!! However, they were able to suggest modifications and CS negotiated with them and got a yes. You are going to drive yourself mad with antipation and trying to second guess what will happen.You cannot know ow it will go.really. You sound more informed than I was when ours was going through.Sometimes, however, alittle knowledge and all that...Try to relax.I feel for you but you worrying will not change a thing and CS really are very good.Cat1

[emma_t]

Caraf
I think cat 1 has said it all there.
Creditors will look at your proposal on an individual basis and just because they have rejected another on the forum does not mean they will reject yours.
If you have put your best offer forward then it stands a good chance of acceptance, remember that over 80% of all iva's are approved by creditors so if you look at it like that, it is good odds.
My proposal had quite a few modifications but a good IP can work on your behalf to make them acceptable to you.
Please do not worry to much as you will be a nervous wreck by the 27th, I know its easy for me to say this but there are always options even if it was not accepted.
Have you talked with CS about all of your concerns, as they may be able to put your mind at rest about a few things
Emma x

[olympic_torch]

caraf
In my opinion, the IVA creditors meeting 'wait' ranks up there with what i assume it feels like to be on death row.
With Christmas in the way as well it must be even worse.
Try not to worry,(easy to say i know), there is plenty of support on here for you.
Just look forward to what we all hope is your impending 'yes' vote, then you can build a big bonfire with all your final demands and statements, threatening letters etc, then dance naked round the resulting blaze.
This was slightly easier for me as our meeting was in May and it was a bit warmer.
Oh how we laughed as we were dragged to the police station.
Perhaps we shouldn't have had the bonfire in the front garden.

Aucto Splendore Resurgo.
(8 down, 52 to go)