Number of creditors

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kallis3

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Post by kallis3 » Thu Aug 05, 2010 8:32 pm
Then it will go through.

I doubt only one will vote though.
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.
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sadone

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Post by sadone » Thu Aug 05, 2010 8:54 pm
Sorry if im being a bit stupid but when they say you have to have 75% does that mean 75% of the people who vote on the day saying yes?
 
 

liverpig

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Post by liverpig » Thu Aug 05, 2010 8:58 pm
I believe it is 75% of the total votes, each £ being one vote, your IP will vote yes for all those who can't be bothered to use the meeting to their advantage.
 
 

Skippy

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Post by Skippy » Thu Aug 05, 2010 9:07 pm
It's 75% of the votes on the day, so if only one creditor voted and they voted yes then the IVA would be accepted.

The IP doesn't vote. Any creditors who don't vote are bound by the terms of the IVA.

If not enough yes votes are received the creditors' meeting can be adjourned for up to 14 days to enable the IVA to chase up non voting creditors.
 
 

kallis3

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Post by kallis3 » Thu Aug 05, 2010 9:14 pm
Totally agree with Skip.

Your IP does not vote at all. Anyone who doesn't vote is deemed to have accepted.
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
 
 

mole

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Post by mole » Thu Aug 05, 2010 10:00 pm
Guess everyone's is different but Amex seem to very anti

Egg - Yes
Barclays Current Account - DNV
MBNA - DNV
Barlaycard - Yes
Amex - No
Northern Rock - Yes (with Significant Mods)
 
 

kallis3

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Post by kallis3 » Thu Aug 05, 2010 10:09 pm
It is all individual.

No two IVAs will be the same and creditors will vote differently depending upon circumstances.

If your best offer has been put forward and you have a good IP, then you should have no problems.
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
 
 

Nicola.sa

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Post by Nicola.sa » Thu Aug 05, 2010 10:10 pm
Ok now I'm confused. I thougt I had this figured out but now I'm not so sure. So if say for example only 60% of my creditors vote and they all vote yes will my IVA be approved?
 
 

kallis3

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Post by kallis3 » Thu Aug 05, 2010 10:14 pm
If 75% by value of your creditors agree on the day, then your IVA will be approved.
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
 
 

Nicola.sa

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Post by Nicola.sa » Thu Aug 05, 2010 10:23 pm
but what if only 60% in value of the creditors vote and they all vote yes and the others just don't bother voting, does this mean that the IVA does not get agreed?
 
 

kallis3

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Post by kallis3 » Thu Aug 05, 2010 10:26 pm
If all of the creditors who vote on the date vote yes, then the IVA will be approved.

It has been known for only one to agree in the past.
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
 
 

Lou74

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Post by Lou74 » Thu Aug 05, 2010 10:35 pm
Hammie (Sam), you are not alone! My hubby and I also have 15 creditors between us!!
Just sent all my paperwork back this afternoon, so now waiting for our proposal I guess. Good luck for your meeting on the 20th
x
 
 

Nicola.sa

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Post by Nicola.sa » Fri Aug 06, 2010 1:22 am
I'm so sorry to be a pain and I know I must be having some sort of mental block about this. I was sure one of the IPs stated in another post that if less than 75% of creditors (representing 75% of debt)did not vote on the day then the IVA would not be approved. From what I am gathering from this thread, this is not the case. So you are saying that I could have only 50% of creditors (representing 50% of debt)vote and the other 50% don't bother voting at all but if the 50% that do vote, vote yes then the IVA is approved?
 
 

MelanieGiles

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Post by MelanieGiles » Fri Aug 06, 2010 1:24 am
Nicola

Why not have a chat with the IP firm you have asked to represent you directly on these points. Jan is perfectly correct in her advice, but if there is any confusion about the process you may feel clearer if you get it from the horse's mouth.

The creditors which vote on the day of the meeting represent 100% - and therefore the acceptance/rejection criteria are based on those numbers and not on the whole body of creditors as some may well not vote.
Regards, Melanie Giles, Insolvency Practitioner
 
 

Nicola.sa

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Post by Nicola.sa » Fri Aug 06, 2010 1:30 am
So sorry, I understand now. I think I misunderstood a previous thread Mel. Sorry Jan wasn't questioning your knowledge, it was just me trying to work through the process. I fully understand now. Thanks for your input.
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