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?
Your vote will count as the 50% that you are owed as part of the total. I'm not sure about a court order, but I believe that it can't be included but would stop any further orders being made against he debtor.
Last Payment made 04/12/14. Completion Certificate 25/7/15. IVA company GT. No Issues
Thank you Guys.
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!