www.iva.co.uk

My other half has got himself into some hefty debt problems and is the process of setting up an IVA. There is an offer from a family member to put in quite a large lump sum for a full and final (around half of the total debt). I’m just wondering who represents the lenders at the creditors meeting? I can’t imagine it is some bod from a bank otherwise it may all be down to how that person feels on the day.

Most big banks have an account servicer that will handle the IVA process on their behalf, including voting, dealing with the IP, and collecting dividends etc.

So it won't be some bod from the bank on a bad day, it'll be a different company acting on their behalf that knows the process inside out and vote on the arrangements merits.

Some creditors may have an insolvency team who fulfill the same function.

In any case, the creditor will normally have to justify how they've voted, negating the "bad day" fear

It varies from 'some bod at the bank' to accountancy firms and specialist insolvency management firms who vote on behalf of creditors. More often than not it is a purely business decision, based on the numbers and the possible returns between an IVA and the other debt solutions.

Thank you. Makes the process less scary.