What do creditors look for in your proposal ?

[whichwaynow]

With my creditors meeting coming up soon I was wondering what sort of things make the creditor decide how they are going to vote ? Is it just on how much money they get back or are there other factors such as how you have run your account in the past taken in to account ?

[aguise]

I wish knew, I would think the main one would be that it is a good proposal offering a better return than any other solution. I know there are other things some look at, how long since you took the credit or loan out. I am sure they have some set criteria and a certain amount is up to the one making the decision. A shame they wont tell us then we would all get approved.
Try not to worry mate you are nearly there and have done your best. Not much help I know, but there will always be a solution. My fingers are crossed for you.


Ang

Please visit my blog at http://aguise.blogs.iva.co.uk/

[MelanieGiles]

Creditors look to see that you are making the very best offer that you possibly can based on your circumstances, and that there would be no better route of recovery for them.

It is quite simple really, but at the moment creditors are very wary of people they feel are being pushed into IVAs by firms who only offer one solution. Make sure that you have been fully advised about all options available to you before proceeding - and that your IVA proposal covers this point.

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