www.iva.co.uk

Hi
Can someone tell me how the voting works? If they don't vote does that mean they agree?

Lisa

It's all down to those who do vote. You need 75% of those creditors that do vote (pro rata to the debt owed) to vote yes to your proposal.
ie if one creditor votes yes,and no one else votes,then your IVA will be accepted


Empty pockets never held anyone back. Only empty heads and empty hearts can do that.

Your voting ...
On the day of your creditors meeting, you require a mojority of 75% in value of those creditors voting to gain acceptance of your arrangement proposals. (This is assuming that none of the creditors are connected to you in anyway, ie family members)
For example, say you had £25,000 in total. If the total amount owed to the creditors voting on the day is only £10,000, you only need £7,500 worth of votes 'For' and your proposal is approved.

Those who do not vote are bound by the decision of those that do. So using the example above, whether the £15,000 worth of creditors who did not vote was made up of a single creditor, or a number of creditors, they HAVE to abide by the decision of the £10,000 who voted.




Tell it like it is.

I think I get it now. I was worried as HSBC have 24% of the whole debt, what do you think the likelyhood of it going through is I'm offering 45p/£

Thanks
Lisa

I think that I answered this on your earlier post, Lisa. If you have put the best IVA proposal forward, you should have nothing to worry about.

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

Sorry I seem obsessed with HSBC, but I'm after them for all the horrendous charges they have put on me about £2k. Is it worth me carrying on with this, am I likely to get anywere with it? I assume if I did get anything back from them, they'd just take it straight back anyway.

Lisa.

You cannot proceed with a bank charges claim at the moment, as these actions are on hold due to legal issues, so I would carry on with the IVA and continue with your claim if you feel that is worthwhile.

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