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Posted: Thu Sep 18, 2008 10:24 pm
by zombiehobbs
Hi Is it correct that an IVA will not be considered if despite you having 5 creditors you owe a large amount to a single one! I have a debt of £33000 approx and one creditor is owed £27000?
Posted: Thu Sep 18, 2008 10:26 pm
by Viki.W
Hey zombiehobbs, welcome to the forum. Who is your main creditor? X
Posted: Thu Sep 18, 2008 10:27 pm
by MelanieGiles
No it is not correct - but at the end of the day an IVA can only be accepted with a majority vote of 75%, so if the large creditor reject the proposals then you will be in trouble. However, if the right proposal is put forward, and you are paying back as much as you can to the best of your ability, there should be no reason why creditors would not treat your offer seriously.