IVA adivce

daveyb64

I have been looking around at information regarding IVA's and cant decided if it would be the right path for me so any advice would be great, I owe around £15000 in credit cards £8000 loan and constantly going over my overdraft limit. I dont tend to miss payments but I am struggling with day to day costs of living, I am a private tennant and bank with HSBC, I have mentioned HSBC as I have read alot about them not normally accepting a IVA agreement. Any advice would be great

sourcrates

Hi,

Theres an awful lot of information on IVA`S on the internet you should checkout a few of the debt companies sites,(eg debt free direct) the way an IVA is either passed or not passed is that all your creditors are asked to vote on your proposal, this usually happens by post or more commonly over the phone at a pre arranged time and date, i beleive the pass rate is 75% by value of debt, that means if say for example you owe 4 creditors:

creditor 1: £8000
creditor 2: £2000
creditor 3: £10000
creditor 4: £4000

£24000 in total, if cred 3 & 4 vote yes, but the others dont vote or say no, your IVA will still be passed because they hold the larger debt, yes ?
it may not matter if one company votes or not as long as you have your majority creditors vote yes then it will be passed.

Charco_2

Just to clarify, it is the 75% by the value of the debt...

3 out of 4 creditors is 75% if the creditors, but if you have £24,000 debt then you need £18,000 to vote yes on your IVA. So in the example above, if creditor 1 or 3 vote no then it would be rejected even if the other three accepted. but if 1 AND 3 vote to accept then the other two would be bound by it too.