Sorry another question

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sarah341
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by sarah341 » Sun Dec 30, 2018 8:58 am
Sorry another question, I’ve been calculating and worrying myself the whole night And it’s driving me mad, my PayPal credit is the one I’m really worry about and they hold 75.45% of my whole credit if they reject my proposal will the whole thing collaps??? is it better if I pay £50 to PayPal credit to make it exact 75% or leave it as it is. I’m getting sick from worrying, my creditor meeting is on 9th jan and I’m offering 50.83p in £.
Thanks in advanced.
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Foggy
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by Foggy » Sun Dec 30, 2018 10:20 am
Anything you pay now will not affect the figures as they stand. Yes, on the total debt Paypal appear to have the controlling vote, but the deciding vote at the meeting is calculated on the relative values of those who actually vote.
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sarah341
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by sarah341 » Sun Dec 30, 2018 11:32 am
Thanks for your reply, sorry I meant to say pay pal credit has 25.45% so the rest of my creditor together have 74.65% so if pay pal say no will that get rejected as they 0.45% over the 25% sorry it sounds very confusing.
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kallis3
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by kallis3 » Sun Dec 30, 2018 11:48 am
Depends on how creditors vote on the day. It is 75% by total value of your creditors who need to agree - all others will be bound regardless of how they vote on the day.
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Foggy
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by Foggy » Sun Dec 30, 2018 12:12 pm
So it hinges on Paypal actually voting and, of course, which way they will vote. It is in the lap of the gods now and, as I said, paying anything now will not affect the figures as they have already been submitted in the proposal.
luckylaura
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by luckylaura » Tue Jan 01, 2019 10:35 pm
Hi

Paypal were one of my creditors and they didn't vote at the meeting. According to my advisor at StepChange they find that PayPal don't usually tend to vote in most cases. Good luck with everything.
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sarah341
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by sarah341 » Wed Jan 02, 2019 7:12 am
Thank you very much for your reply, may I asked how much did your balance with PayPal and what was the return in £.
I’m extremely worry. Hope they accept mine. If they don’t the whole thing will collaps.
luckylaura
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by luckylaura » Wed Jan 02, 2019 12:50 pm
My balance with PayPal was £1300 out of a £2000 credit limit. The dividend to my creditors is 16.78p in the £. Not a very high offer compared to some but it is genuinely all I can afford and my IVA was approved in October last year. I've got my fingers crossed for you.
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