What chance of IVA being agreed???

fififlowertot

WIth 94k of unsecured debts we have been advised to go for an IVA rather than a DMP (can't look at BR as in Forces and also want to actually repay what I can off the debt). Just over half of the debt is to Lloyds for CC, Loans, overdraft etc. Does anyone have experience of an IVA where Lloyds have been a majority creditor? I have been having a really bad time with them recently and am worried that they may not vote for the IVA. Would be really grateful of any similar stories etc and help you can offer. Thanks....

Charco_2

well, while there are obvious problems where one creditor owns more than 25% of the entire debt, the fact that most of the credit houses now use one company to orchestrate the votes me their behalf (tix) them this means that even if one company already owned more than 25% of the debt, the creditors already have a voting monopoly or cartel, so that fact shouldn't cause too much extra bother. That's not to say lloyds wont be a problem tho.

Nargleblast

The company you choose to do your IVA will do their utmost to sell the proposal to all the creditors; this of course does not guarantee acceptance, but the company will draw up an illustration to show that an IVA would give a good return compared with the minimal amount they would get back by pushing for bankruptcy. Fingers crossed that you have it accepted!