Is there an approval threshold for IVA

[Mark_H2]

Hi,
I just wondered if there was a written or unwritten rule as regards to what the creditors will accept back against the £ value outstanding eg. 50p in the £ or 10p in the £


Thanks,
Mark.

[The Major]

Hi Mark

Creditors are not always the same in thinking but they are also no different to you and I. If I owed you a thousand pounds and I said look Mark I am in financial trouble I can offer you a voluntary arrangement where I repay you £400 over a period of time, otherwise if this is unacceptable to you I will go bankrupt,and if I do you will get nothing or something considerably below what I am offering. then you make a decision do I accept £400 or reject and get nothing that is why there is a comparison to bankruptcy in all IVA proposals I guess you could say it is to put creditors arms up their backs, some will say yes others may say no that is why 75% rule the roost

[Mark_H2]

Hi, thanks for the reply. I thought as much but just wanted to get some opinions and thoughts