At the creditors meeting 75% of the vote has to go in your favour and each creditor has their percentage of the total debt to vote in. If you owe most of the money to one creditor then really thats the main creditor you need to say yes in the IVA meeting thats all. You do still qualify
It all depends on who votes on the day. You need 75% by value of the creditors who vote on the day. Those who don't vote will be bound by the IVA.
I recommend that you take professional advice. Visit www.iva.com for a list of companies and reviews and give one or two a ring for free and impartial advice.
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
Dont worry about counting votes just yet. Any decent IP will know who will be likely to go with an IVA and advise you accordingly. Its not good business sense for IP's to waste time and effort proposing something that creditors will not go with.
Talk to several companies for advice,please dont make the mistake of going with the 1st one you talk to,as you have to work with the same firm for quite a few years!!!
Paul
Discharged today the 8th feb 2012. View is much brighter now.
Continuing to rebuild our credit worthiness.