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Posted: Sat Mar 26, 2016 12:31 pm
by Keith.01
Can I refuse to be involved with the debtor on an IVA, as a creditor
Posted: Sat Mar 26, 2016 12:35 pm
by kallis3
Hi and welcome,
Can you explain a little further please? Not quite sure what you mean.
Posted: Sat Mar 26, 2016 2:43 pm
by MerlinL14
If I understand the question correctly, then yes you can. However if the IVA is voted as a YES by a majority of remaining creditors then you have to abide by it. You can vote NO, but if it is approved you can't opt out of it, your owed dept will be calculated as a percentage of the total monies received by the IVA company from the debtor over the 5-6 year period and paid as a dividend as and when stated by the IP.
Posted: Sat Mar 26, 2016 4:29 pm
by Foggy
You can ignore the process, but you will not be able to recover any of the debt if the IVA goes ahead.
Posted: Sat Mar 26, 2016 4:29 pm
by lifenoteasy
There are a number of variations based on different scenarios.
Without knowing more hard to say.
Posted: Mon Mar 28, 2016 3:49 pm
by isseymyake
Obviously without knowing the full reasoning behind your question the experts can't fully comment but surely some return on the debt owed to you is better than none.
Posted: Mon Mar 28, 2016 4:03 pm
by kallis3
I think we need to know more from the OP.