HI I am with vincent bond and will make my first payment to them in 2 weeks when my case will be passed to the IP.
Any others on the forum with VB could answer perhaps how long did it take at that point for their iva to go through. also we have over 30 creditors of varying debt amounts from £50 to £6000 and in your opinions am i likely to get a 75% majority vote . will be paying about 60-70 % back of £45,ooo i think.
any guesses welcome.
VB supply the IP with a complete information pack and the IP can draft the file almost immediately so your IVA would be in place quickly afterwards.
The fact that you have 30 creditors may only mean that one or two agents of those creditors hold most of the votes. That number of debts suggests an IVA is a very appropriate option and if VB are happy to prepare the pack I am sure that the IVA will be accepted. Best of luck.
Thanks Michael
What does 2 agents mean?-I have loans .credit cards , catalogies ans payday loans , most are longstnding debts that were passed on to agencies as I have beeen in dmp for a few yrs but incurred more debts.
Hi
The number of creditors can work in your favour as none are likely to have a deciding vote. Remember not all your creditors will vote and you just need acceptance from creditors that hold 75% of the total value of the debt that vote on the day.
It should move very quickly now and I have no doubt that it will be accepted
Regards
Most banks appoint agents to vote for them such as TIX,Grant Thornton, KPMG or Price Waterhouse Cooper. It is possible that one or two of these companies will be voting for a number or your creditors and indeed one may even have 75% of the votes themselves.
It is unusual for major creditors to vote themselves although some smaller creditors do so.
I'm currently with VB and just today, made my 1st of 2 x instalments to them, from everything I've heard to date, I'm very happy with the contact and advice I've received and actually my own well-being has improved exponentially after discussions with Andy Davie, to amend the phrase,'the future is bright, the future is IVA'. I look forward to the weeks ahead.
Hi JMW, just an update re IVA. I just got word this morning that my creditors meeting is August 9th. Bearing in mind that VB got my 1st payment about the 7th July, this for me was a very quick turnaround, impressive to say the least. Fingers crossed now
Try and make sure that you provide Vincent Bond with everthing they ask for including the most recent statements of account from your creditors, and this should speed up the process for you once you are sent to the chosen IP firm.
I went with McCambridge Duffy given their geographically proximity and that they also came recommended, as I said earlier the creditors meeting is on the 9th August so interesting times ahead (without the extortionate interest lol) I will keep posting on here regarding the updates
