lloyds tsb and iva

danp100

Hi all,
i have posted a few things on here already, i was just wondering if anyone has dealt with lloyds tsb as their main creditor and if they generally seem to be accepting iva's? lloyds make up over 75% of what i owe and therefore i understand it is basically all down to them to agree, and my other creditors dont really have a say in the IVA proposal? I am a bit concerned because i seem to remember someone telling me lloyds are generally dont accept IVA's but hoping thats just not true,
many thanks
dan

FoggyBrain_2

Hi -- over on another forum the general trend with Lloyds at the moment is that they are voting "yes". They weren't one of mine, so I can't tell from personal experience.

gscrym

I'm in a Trust Deed - Scottish equivalent to an IVA and if I remember correctly, Lloyds TSB made up the biggest creditor on my list between a loan, credit card and overdraft. They accepted and were the only ones who marked my default as the date of the trust deed. Much better to deal with than other creditors from that point of view.

headstuckinsand

Lloyds were one of my main creditors, accounting for 2 loans and an overdraft coming to about £20k.
They accepted my proposal with only a few modifications to the IP's fees.

FavDaughter1

Hi, our F&F IVA was accepted about a week ago,Lloyds were our biggest creditor,i was very worried about the amount of debt with one company,but, the IVA went through, the only modification's were to the fees the IP is to be paid from "the pot",so it didn't affect us at all.

keep hope!

danp100

thanks for the replies, sounds very promising. cheers

FavDaughter1

this part,waiting is so so stressful. we were told by our IP that Lloyds weren't too bad compared to other creditors. a IP will have a good idea about a proposal,they wouldn't waste time&money putting it forward if they didn't expect to get it through for you. keep hopeful!

bernard828

You need to bear in mind that with a lot of creditors, it isn't "Lloyds TSB" doing the decision making, it's their accountants. Some creditors take a very personal interest in their IVA voting, others just outsource it to the accountants and let them decide. What you want is for the accountants to decide, because they'll make a purely business decision based on your financial circumstances and are more likely to wave your IVA through unless there's something seriously wrong with it.

Lloyds TSB used to take a very proactive view in their voting and that's where their reputation as a 'difficult' creditor has sprung from. They no longer take such an interest and outsource their voting to a debtor-friendly accountant. In other words, you should be fine.