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IVA advice needed
lucky_lad24
Posts: 5 Forumite
Hi all,
i'm in the process on an IVA and the creditors meeting has been suspended for negotiation for a few days. I was under the impression that 75% of creditors had to vote for approval for an IVA to be accepted. I have debts totalling 65k (unsecured) with five different creditors and the sixth being 30k oweing to NOrthern Rock. My advisor is telling me that eventhough all the other five have voted for approval Northern Rock who i owe the largest one sum to, are voting against - - will effectively mean the IVA fails. IS this right? Any advice on what to do if this happens...?
i'm in the process on an IVA and the creditors meeting has been suspended for negotiation for a few days. I was under the impression that 75% of creditors had to vote for approval for an IVA to be accepted. I have debts totalling 65k (unsecured) with five different creditors and the sixth being 30k oweing to NOrthern Rock. My advisor is telling me that eventhough all the other five have voted for approval Northern Rock who i owe the largest one sum to, are voting against - - will effectively mean the IVA fails. IS this right? Any advice on what to do if this happens...?
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Comments
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I think that its 75% in terms of balance owed rather than 75% in number of creditors - however you may be better getting advice from the IVA sub-board of the bankruptcy board - http://forums.moneysavingexpert.com/forumdisplay.html?f=159A smile enriches those who receive without making poorer those who giveor "It costs nowt to be nice"0
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The creditor with the largest amount owing has the biggest sayLook after the pennys and the pounds will look after themselves:money:0
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