Had my IVA approved on Thursday and just received all the info in the post this morning.
RBS for both current accounts and loan and Hitachi capital for a loan didn't vote, how does this stand as RBS are my biggest debt?
I've got the send my payslips in every 3 months and prior to my review the IP - is this normal practice?
xxx
For your IVA to be agreed you need 75% or more of the votes on the day to be in favour. It doesn't matter if your biggest creditors don't vote, they are bound by the terms of the IVA.
It's normal practice to submit payslips but it varies as to how often. Mine had to be sent in monthly, but I think most are quarterly.
I have to send my payslips and hubby's in every three months along with any uplift payment due, I'm sure all companies vary as to when but they will need them. x
IVA final payment left the bank on the 26th January 2013...looking forward to a debt free future.
It's 75% by value of the debts of the creditors who vote on the day. Everyone will now be bound.
We have to send payslips in quarterly. Have not had anything to uplift so far, but I believe some firms expect you to pay it across within 14 days.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
I like to see monthly wageslips these days, to avoid clients getting into difficulty in managing their uplift payments - especially if they are regular earners of overtime.
No one IP is the same Orange - even in my own practice with four IPs we have different likes and dislikes!
By uplifts, I mean the extra monies that may need to be paid intot the IVA on a regular basis, after the first 10% allowance has been taken into account.
