In creditors meeting for F&F offer, if they didn't vote is it a automatic yes?

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Kerrydh83
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by Kerrydh83 » Mon Jan 22, 2018 11:55 am
Hi i have submitted a full and final offer for my iva. The creditors meeting was last week, only two creditors voted accounting to only £3300 of the debt. Total debt is £48000. They have giving an extension for votes until Wednesday because they said hmrc said they would vote but haven’t yet and they have to give them chance. Creditfix said that if hmrc vote no it would not go through unless a larger creditor votes yes. I thought if they didn't vote it was a automatic yes? Also if hmrc vote no can't we chase max recovery for a vote to see if they would accept as they are £25000 of the debt , hmrc are only £4500. Shouldn't it just have been an automatic accept for those who didn't vote in time?
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Foggy
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by Foggy » Mon Jan 22, 2018 12:16 pm
not voting is not an automatic yes, or no --- that creditor is ignored. You need a 75% yes vote (based on value) of those who vote on the day. I imagine those who did bother to vote gave an overall no response and your IP is trying to get the others to vote in order to try to get a yes majority.
Kerryiva
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by Kerryiva » Mon Jan 22, 2018 12:37 pm
Just called them again and they said hmrc indicated they had voted via post, they said hmrc doesnt normally vote unless its a no. A no from hmrc would mean a vote of 45% to 55%. So not agreed he said however although they said they had voted, no vote has been recieved hense the extension til weds. If the vote isn’t recieved by then it would be accepted. This sound right? Thanks you
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Lisa Thomas
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by Lisa Thomas » Mon Jan 22, 2018 4:11 pm
If no creditors voted except for HMRC then HMRC's vote will be 100% of the votes...
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Lisa Thomas
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by Lisa Thomas » Mon Jan 22, 2018 4:12 pm
Apologies I didn't realise you said two other creditors voted yes.

You will need 75% in value of creditor voting, in favour, for the F&F to be approved.

Surely HMRC an tell the IP how they voted....

They usually vote by fax so if it is late then the IP should mark it as invalid...
Kerryiva
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by Kerryiva » Mon Jan 22, 2018 5:20 pm
Thank you for replying, After speaking with creditfix again they say that they are going to chase other creditors for votes. They seem to think hmrc are voting no but then say they havent actually recieved the vote yet as they are postal voting. We have offered £7000 which is only £500 less than if we were to continue iva to term. What makes me laugh as we owe hmrc debt not included in iva due to child benefit higher tax charge, we cant possibly repay this until out of iva. So its in hmrc interest to accept the offer so we can start to pay the rest of the debt with them. If the offer isnt accepted i worry the iva will then fail as we are getting £60 more debt with hmrc for every month that goes by, we owe £2000 to them now so to continue the iva on those grounds would be crazy. Has anyone else got experience with this higher earner tax charge on child benefit? Credit fix take all income of child benefit into income on I&E but dont allow us to budget in that at the end of each tax year we owe tax back about £750 hense how we are now in so much debt! Going bald with stress here and heres me thinking when we started this iva we were going to be free of the stress of debt. How wrong i was :(
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