My debtor applied for IVa - her debts are for £21 000 (she own me £11 000). There will be a meeting in December. The proposal is 8p for £.
There are about 10 other creditors but my debt is half of what is owned in total.
If I refuse IVA will it count as 50% refusal (as I am owned 50% of the debt) or do they calculate people who refused so if there are 10 creditors and 3 of them refuse it it means 70% is accepted?
I am confused if its share in the debt is calculated or creditors?
Also can Court Order be included in Iva? I have a court order (rent arrears) that my debtor included in her IVA?
So if I am owned 50% of total and reject IVA (the letter says that it needs to be approved by 75%) - does it mean that the whole application is rejected? I was confused if they mean 75% od all the people (11 of us) or 75% of debt (which I am 50%).
The reason I want to reject it is that the person who applied for IVA laid about her income (I mean cash she makes as a beautician) and also that I will get 8p for each £1 she owns. I took her to the court and then I took the Sheriff's Office and she is paying me £40 a month - its more than I would get from Iva and also as I calculated I would only get around £1000 back for the whole 5 years while now I also get interests and they will contact her if no payment. I may sound horrible but I gave her a chance hundreds of times to pay me back what she owns (rent arrears) and agreed to £50 per month but still no money coming in. I am behind with my mortgage while she is on holiday at least every 3-4 months!
You have more than 25% of the votes so you therefore have all of the power because if you reject it they can't get 75% approval.
You can therefore approve, reject or propose modifications.
This is what you need to be looking at because if the IVA is rejected she may well go Bankrupt and you will rank alongside her other unsecured creditors.
Where is says 8p/£ for IVA what does it estimate creditors would get back in Bankruptcy if anything?
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