What do banks do once they get an iva request

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Lahoretiger

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Post by Lahoretiger » Tue Jul 07, 2020 6:01 pm
Step change say 95 percent that cant be right

kallis3

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Post by kallis3 » Tue Jul 07, 2020 6:08 pm
You cannot say. Just have to wait until the meeting.
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

Lahoretiger

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Post by Lahoretiger » Tue Jul 07, 2020 6:18 pm
Do banks look happily towards iva

kallis3

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Post by kallis3 » Tue Jul 07, 2020 6:20 pm
Nobody knows - you are going to have to wait for the meeting.
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

Foggy

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Post by Foggy » Tue Jul 07, 2020 6:34 pm
Banks do not look happily at an IVA -- they would prefer to be paid as agreed when they lent the money. But, often, they will get more back in an IVA than they would making someone bankrupt. Sometimes it is the better option for them, to get something back rather than nothing. But it all depends on what happens on the day of the meeting.

You will just drive yourself mad worrying about it and second guessing everything.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
http://foggy.blogs.iva.co.uk

Lahoretiger

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Post by Lahoretiger » Tue Jul 07, 2020 6:41 pm
On this forum do many ppl report of sucesss or failires

Foggy

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Post by Foggy » Tue Jul 07, 2020 6:43 pm
We see mostly success ... not many failures.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
http://foggy.blogs.iva.co.uk

kallis3

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Post by kallis3 » Tue Jul 07, 2020 6:44 pm
Some do. You just have to wait.
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

Lahoretiger

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Post by Lahoretiger » Wed Jul 08, 2020 11:29 am
B4 the deadline how many days b4 do the creditors vote

Foggy

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Post by Foggy » Wed Jul 08, 2020 11:43 am
Wed Jul 08, 2020 11:29 amLahoretiger wrote:
B4 the deadline how many days b4 do the creditors vote
Whenever they want --- some will vote now, some will vote on the day of the deadline, some any time in between and some will not bother to vote at all.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
http://foggy.blogs.iva.co.uk

kallis3

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Post by kallis3 » Wed Jul 08, 2020 11:46 am
You are unlikely to hear anything until the day.
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

Lahoretiger

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Post by Lahoretiger » Wed Jul 08, 2020 12:42 pm
If big creditor dont want then what?

Foggy

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Post by Foggy » Wed Jul 08, 2020 12:50 pm
Wed Jul 08, 2020 12:42 pmLahoretiger wrote:
If big creditor dont want then what?
75% (by reference to debt value) of those who vote have to say yes. If a creditor holding more than 25% of the debt votes ans says no then the IVA will not go ahead and you will have to look at other solutions. Any creditor who votes no or doesn't vote will be bound by the IVA if it is accepted by those who do vote.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
http://foggy.blogs.iva.co.uk

Lahoretiger

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Post by Lahoretiger » Wed Jul 08, 2020 1:01 pm
Total debt 40k
Natwest 20k
Barclays 8k
So if one of these two says no then thats it

Lahoretiger

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Post by Lahoretiger » Wed Jul 08, 2020 1:02 pm
Is that 25 percent of total debt
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