Creditors meeting tommorow

greenbrucelee

How do creditors determin wether to agree to the IVA or not?

I have been on a dmp but some are still charging making the dmp useless so I have now gone onto an iva and like I said the creditors meeting is in the morning.

FoggyBrain_2

It's purely a business decision. Your IP will say they will get so much from an IVA, presumably much less from BR -- so they should opt for the IVA !!

75% by loan value have to say yes. Not many are turned down these days.

What sort of dividend are you offering ?

greenbrucelee

If I remember correctly it's 37% vs none if I go bankrupt.

FoggyBrain_2

37 % is a good dividend, so you have every chance of acceptance.

Best of Luck :-)

greenbrucelee

Thanks.

My dmp isn't do me any good as I am paying my bank of with the agreed amount each month then they are adding intrest which then takes me back into a negative again then they send me letters saying I have failed the agreement.

I really wanted to pay back all my debt but they haven't left me with much choice it's either the iva or bankruptcy.

I will find out at 10:25 in the morning.

greenbrucelee

IVA has been accepted roll on 60 months

FoggyBrain_2

Congratulations -- here's to a smooth journey.

greenbrucelee

FoggyBrain wrote: »

Congratulations -- here's to a smooth journey.

I hope so.

Apparently some of the creditors did not vote so they get an automatic yes and only one creditor rejected the vote.

So I am expecting to get some letters shortly about why I am not paying them by way of dmp anymore but I will just tell them I am in an IVA now.

angel_rainbow

Hardly any of our creditors voted either at the original meeting or the variation meeting for our full and final - so the criteria they use to make their decisions is a bit of a mystery to me!

Hardly any are turned down these days - your IP wouldn't put a proposal forward unless they were confident of it being accepted - there may be a few tweaks here and there but the majority go through.