what happens if no-one votes...

[no money eva]

Just wandering what happens if no-one votes for or against my IVA?.

My meeting is on Thursday at 2.30pm, and as yet no-one has voted.

Is this normal, do most creditors wait until the day of the meeting?

Thanks again.

[kal]

Hi,
I believe that a 'no-vote' is counted as a yes. Alot of our creditors waited until the day of the meeting, and we did have quite a few that did not vote, and they counted towards the 'yes's'
Good luck for Thursday.
k.

[no money eva]

Can they claim that they never rec'd proposals hence why they didnt vote. As currently in DMP and a few have said they didnt know Payplan were involved (I think not). Would they have any comeback?

[kal]

I'm no expert (although feel like I know all there is about IVA's and DMP's), but it sounds like you are in the same situation as me.
I too was in a DMP, and up until the actual meeting, some of my creditors swore they had had no correspondance etc, and that they had no note of an IVA, and still now after we have had it accepted (20th of Mar), they are sending us letters saying that we haven't paid them and they have no note of any IVA.
This is quite normal according to my IP - I think even if they don't vote and are included in the proposal then they are bound like the rest of them once it has been accepted. After it has been accepetd it can take some time for it all to filter through.
You will be called by different depts to those that deal with the IVA.
I think that is right - one of the experts will come along I'm sure to either clarify or give you the correct answer

[emma_t]

Hi no money eva

First of all best of luck for Thursday[:)]

You only need one of your ceditors to vote yes, and if others did no vote they would be bound by the iva.
I don't think a non vote counts as a yes, but they will be bound by the decission of the voting creditors.
I really wouldn't worry too much as your IP will have experience of this and maybe speak to some non voting creditors and ask them to vote if necessary.

Also on the point of creditors denying knowledge of your iva proposal, they will know but maybe it has not filtered down to all departments. You will, if its anything like mine, get calls up till and for a week or so after your creditors meeting.
just inform them of your meeting date, but they will probably still call!!

Good luck
Emma

[TheMatrix]

Only had two creditors vote in the end for my IVA acceptance with mods, and that carried the IVA. But they had around 50% of my debt between them anyway.

[Adam Davies]

Hi
Quote from Kal
'I believe that a 'no-vote' is counted as a yes.'
unfortunately a non vote is exactly that,so if no one votes then your IVA will be adjourned until someone does vote,if a creditor owing more than 25% of your debt does vote no then your IVA is rejected,if only one creditor votes 'no' and they hold less than 25% of your overall debt then your IP will adjourn again
Regards
Regards

[MelanieGiles]

It would be very unlikely these days to have absolutely no votes at all. Was proper notice given to the creditors of the meeting?

[no money eva]

Hi Melanie, yes they have had 3 weeks but PP have said its quite normal to not recieve any votes until the last day. Is this true in your experience.

[Soulgrowth]

I wonder with the increased amount of IVAs going through creditors are becoming somewhat complacent?

Debbie

[MelanieGiles]

Not these days. Most of the creditors seem to be voting in the days leading up to the creditors meeting.

[no money eva]

Thanks Melanine, TIX have a big stake 48% and Lloyds have 40%, do these two normal vote in advance? Also I have a grant thornton - IVA watch with just 5%. I presume its not a good omen if no votes have been received as yet. She said she would email me, if anything came thru today - good or bad.

[MelanieGiles]

Generally - although Lloyds tend to be a little later. I doubt GT will vote with such a low share of the debts.

[no money eva]

I have other creditors Citi with about 1.5%, GE money 3% (this has a CCJ having over it - dependant on the outcome of meeting) and Asset link previously GE money of 4% are these unlikely to vote too?

[no money eva]

Citi card and GT have voted for, but I realise there is a long way to go, as that only represents about 6%.

Thanks again Melanie.