Does the meeting require 70% of the original debtors to vote in favour or those with 70% of the outstanding debt? ( does that make sense!)
Can the full and final be agreed before the day of the meeting if the voting criteria is met in advance ( I'm presuming not everyone waits until the day of the meeting to vote!)
Hi Leo -- the percentage in favour should be at least 75% and the votes are weighted to the value of the loan. So a creditor with 25% of the debt value has 25% of the vote.
Nothing will be firmly agreed before the specified time of the meeting. Even if a positive outcome looks to be on the cards in advance of the meeting creditors could change votes and must also be given until the specified time to enter modifications.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
Thanks for the quick reply foggy! My main creditor was northern rock (50% of vote) now passed to marlin financial services. Any one have any experience of how these people are like to deal with in these situations?
I have 5 creditors does that mean that 4 must vote in favour for it to agreed?
On a seperate note lloyds Tsb were one of my original creditors but abstained at my initial meeting. On my credit report to lloyds it says satisfied against their debt but next to it it says assigned to cais member. What does this mean?
It is 75% of the money and not number of creditors so NRAM hold half the votes. The other creditors may not all bother to vote so NRAM is key.
As for Lloyds, it sounds like they have sold their debt on and the new owner will have notified your IP of this so they receive the dividends from the IVA.
So on this working I would need at least 3 of my other creditors ( who hold about 10 cent each) to vote in favour with marlin (NRAM) who hold 50% to get it over the line?
