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Lou74

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Post by Lou74 » Tue Aug 10, 2010 7:17 pm
Just wondering, If a creditor votes yes, but insists on modifications like a bigger payment for example, and the other creditors all agree the original proposal, does that creditor have to go along with the others?
Also, how does this work with Northern Rock? I know they favour 6 year IVAs, but if the other creditors are happy with 5, do they have to accept?
Sorry if I've missed something, just wondering how it works!
 
 

Lisa2009

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Post by Lisa2009 » Tue Aug 10, 2010 7:25 pm
As long as creditors that hold 75% of your debt vote in favour then it stands.
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Lou74

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Post by Lou74 » Tue Aug 10, 2010 8:20 pm
Thanks Lisa,
So does that mean that not all Northern Rock IVA's are necessarily 6 year ones?
 
 

Skippy

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Post by Skippy » Tue Aug 10, 2010 8:24 pm
As far as I am aware they would only be 6 year IVAs where NR have the deciding vote.
 
 

kallis3

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Post by kallis3 » Tue Aug 10, 2010 8:29 pm
I think you are correct Skippy.
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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Lou74

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Post by Lou74 » Tue Aug 10, 2010 9:04 pm
When you say deciding vote, do you mean more than 25% of the debt? I think my Northern rock loan is about 10%. So maybe it won't have to be 6 years then?
Thanks for your replies
 
 

Adam Davies

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Post by Adam Davies » Tue Aug 10, 2010 10:30 pm
Hi
Yes they would need to have a deciding vote in order to put forward a variation
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Andam Davies
 
 

MelanieGiles

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Post by MelanieGiles » Tue Aug 10, 2010 10:33 pm
Northern Rock only insist on 6 year IVAs, when there is more than six years to pay on the outstanding loan.
Regards, Melanie Giles, Insolvency Practitioner
 
 

Lou74

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Post by Lou74 » Tue Aug 10, 2010 11:10 pm
Thanks for your replies Andy and Melanie. Interesting! I'd always assumed i'll be in a 6 year IVA, but maybe I won't be now!
No doubt I will find out the likely hood when my proposal is produced.
Thanks again
 
 

Goosed

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Post by Goosed » Wed Aug 11, 2010 2:50 pm
Lou74 wrote:

Thanks for your replies Andy and Melanie. Interesting! I'd always assumed i'll be in a 6 year IVA, but maybe I won't be now!
No doubt I will find out the likely hood when my proposal is produced.
Thanks again
I think if the economic climate in five years is anything like it is now, most of us homeowners in IVA`s will find it extremely difficult to remortgage to activate the equity release clause in our proposals anyhow, so I`m preconditioning myself to the possibility of a six year IVA...I`d actually prefer an extra year of payments than having to release larger funds through a remortgage anyway.
"When the seagulls follow the trawler, it is because they think sardines will be thrown into the sea".

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kallis3

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Post by kallis3 » Wed Aug 11, 2010 4:35 pm
I very much doubt if we will be able to remortgage. Still got another 2.5 years to go (give or take a month or so!) but realistically will expect the extra twelve months.
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 » Wed Aug 11, 2010 6:56 pm
I think I would rather have the 6 years than re-mortgage as well. Not that we have any equity at the moment! I thought that it would be 6 years and then the equity release clause, making 7 years. Hopefully it won't be though!
 
 

kallis3

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Post by kallis3 » Wed Aug 11, 2010 7:52 pm
We have the equity, but are unlikely to get the remortgage.

We will try 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.
http://kallis3.blogs.iva.co.uk
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