Creditors voting - who would decide MBNA or Link?

Mrsd_2

I know MBNA are renouned for declining IVAs. We have the following debts
c/c MBNA passed onto Link £19k
c/c Natwest £12k
Personal Loan Nationwide (CCJ) £9k

+ £26k charging order on house

I'm trying to work out who would have the majority vote for the unsecured debts. Would it be MBNA who votes on the £19k or Link?

Thank you

Nargleblast

MBNA are no longer your creditor as they sold the debt on to Link. Link, Natwest and Nationwide would be the voters, and you have to have creditors representing 75% of the total debt to agree on the IVA. Incidentally, MBNA did not vote against mine, they agreed to it with some minor changes to the terms and conditions relating to the amount of charges going to the IVA company and when they would expect to receive payments. In fact the one creditor voting against the proposal was the one owning the smallest debt, but were obviously overruled by the majority.

Mrsd_2

Thanks for the reply. Just gathering all paperwork and trying to figure best way out of this mess.

Nargleblast

If your IVA is accepted then at least you will know that 5 or 6 years from now you will be debtfree. Just make sure the budget agreed with your IP is one you can stick to, and don't be afraid to call them if any unexpected bills (eg car breaks down, washing machine blows up) come in. Good luck.