www.iva.co.uk

Does it depend what mood creditors are in when they vote?My first IVA proposal was rejected on the grounds that it was unsustainable as I hadn't allowed myself enough to live on.Voting against (dividend at 41%)were RBS,Northern Rock,Barclaycard and MBNA,voting for AMEX and CITI result 15/85 The proposal was resubmitted after an adjournment.My income and expenses were adjusted to include a slightly higher contribution from my house-mate and the resulting offer of 37% was accepted.Voting in favour were RBS,Northern rock and CITI,against was AMEX result 84/16.Barclaycard and the rest didn't vote.Reading recent postings on Northern Rock and it's 45% criteria I consider I was lucky,however RBS was a major creditor (65%)would this have any bearing on the others voting,or was it left-over festive cheer(meeting was on 3rd Jan)?I am interested in hearing from "2nd time lucky" people and the differences between the 1st and successful proposals.
Allan

Hi allan

I don't think that moods do affect the creditors, but a lot of them are revisiting their policies at the moment which is resulting in differing attitudes over at different times.

As a professional, I hope that we do not see a "2nd time lucky" process developing, although sadly it appears that way at the moment. If IP's and clients get it right first time, knowing that certain creditors operate under certain criteria, this should be unecessary.

It's great that creditors have now accepted your proposals. Good luck with the IVA!

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