Stressed Out (Feel a Little Better Today)

[northumbrian69]

I was really 'rock bottom' when I posted my first article yesterday, I got 11 really supportive replies from people who really know what they are talking about, it makes me feel a little better even though I am still looking for reassurance. [xx(]
I have some further questions:
When my IVA eventually goes to the creditors meeting, if any creditors don't vote, does that count as a 'yes' or a 'no' vote [?]
I have moved my bank account to Halifax Easycash, if my IVA is approved will I still be able to bank with them [?]
Am I doing the right thing by not paying any of my creditors while the IVA is being prepared, I am saving all my disposable income to pay to my IP when, hopefully, my IVA is approved [?]
Finally as advised by IVA Forum members yesterday, I have unplugged my phone and written to all my creditors informing them I am applying for an IVA and my IP will be Grant Thornton, this is the second time I have done this, all the replies I have had up to now have ignored the contents of my letter and asked me to ring back to make some sort of financial arrangement, it's so frustrating when they wont acknowledge the problem. [:(!]
Sorry for being so long winded [:0][:0]

[Sarah]

Hi Ya

I am glad that you are feeling a bit better today and took the advice to unplugg your phone.
As long as Hilfax are not one of your creditors I do not think that this will be a problem. I am not sure what the outcome is of they do not vote? But I am sure that someone will on here.
Yes you are doing the right thing by not paying the crditors and make sure you save the money for the first payment.

I am glad that this site is helping you ... I only wish I knew about it when I was going through mine!

[MelanieGiles]

Hi again

If creditors do not vote - this is neither a yes vote or a no vote. It is simply no vote at all.

You can continue to bank with Halifax, so long as you have no debts with them.

If Grant Thornton have told you not to pay your creditors in the meantime, then you should abide by their advice. This is the same advice I give my own clients.

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

[DebtDummy]

northumbrian, glad you are feeling less stressed. Halifax is a part of the Royal Bank of Scotland. Just thought I would tell you that in the event RBS is one of your creditors.

Good luck with your IVA.

All I have left is my humour.

[northumbrian69]

One of my creditors is Mint, they used to be RBS Advanta which was part of Royal Bank of Scotland, does that mean they could cause problems with my Halifax account [?] [?]

[MelanieGiles]

Unlikely - but better not to risk it in today's climate!

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

[northumbrian69]

Hi, Thanks for the reply, when you say it is a 'no vote at all' does that mean if, for example, a 'no voter' constituted 26% of the total debt, would the IVA automatically be rejected or are 'no voters' taken out of the equation.
Also I don't have any debts with the Halifax but Mint are one of my creditors, they used to be part of RBS which I have been told are part of Halifax, will this cause a problem [?]
Sorry to sound a bit slow but I don't understand the implications of a 'no vote' or the problems Mint could cause [:u][:u]

Hi again

If creditors do not vote - this is neither a yes vote or a no vote. It is simply no vote at all.

You can continue to bank with Halifax, so long as you have no debts with them.

If Grant Thornton have told you not to pay your creditors in the meantime, then you should abide by their advice. This is the same advice I give my own clients.

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

[louiseh]

I think the Halifax is part of the Bank of Scotland group and not the Royal Bank of Scotland, hope so I've just opened a Halifax easy cash account and have debts with RBS (through Tesco and Natwest)

[northumbrian69]

You are right HBOS is Halifax / Bank of Scotland merger, RBS (Royal Bank of Scotland) is a completely seperate company, I've just spent the past hour researching this. What a relief, I was really starting to panic, I can do without this, I'm stressed enough as it is.
Thanks for your help. [:)]

[MelanieGiles]

Hi again

The percentages are taken on the basis of votes cast, and not overall debts. Therefore if you have £30,000 owing in total, but only £20,000 vote and £6,000 of those reject the arrangement, the arrangement fails.

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

[northumbrian69]

Hi
Thanks for the information, I understand how it works now, I just hope I get the >75% required vote when my creditors meeting comes around.
Fingers crossed [?]

Hi again

The percentages are taken on the basis of votes cast, and not overall debts. Therefore if you have £30,000 owing in total, but only £20,000 vote and £6,000 of those reject the arrangement, the arrangement fails.

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