CC+ Loan + OD with same bank = 3 creditors? or 1 ?

Galeeno

When going into an IVA,
If you have a credit card debt, loan, and overdraft with one bank?

Llyds Credit card = £2000
Llyds Overdraft = £2000
LLyds Loan = £10,000

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Llyds Debt - £14,000

in the terms of 75% of creditors must say YES'.. then...then are them above 3 considered as 1 creditor?
or 3 separate creditors ?


There are many other 'additional' Companies- that there is additional debt with , but just asking about the same company- llyds.

rabbit_burrow

They would be classed as 3 creditors

Basically, so long as the Loan says yes it doesn't matter how the bank & CC vote, they will be entered into it. As you have other creditors too, then that will change the 75% balance.

Galeeno

rabbit_burrow wrote: »

They would be classed as 3 creditors

Basically, so long as the Loan says yes it doesn't matter how the bank & CC vote, they will be entered into it.

so in the above example, £10,000/£14,000 = 71%

that is below 75% ?


are you saying the bank and CC would be entered into it 'because' they are the same company ?

rabbit_burrow

Sorry about the %, I didn't look properly. What is the total of all your debts?

The bank and CC wouldn't be entered into it because of having the same Lloyds name, they would be entered into it because, when 75% of your total debt is voted as yes to the IVA, all other creditors that are on the proposal are automatically entered into it even if they've voted no, it isn't anything to do with the creditors name or relation to other creditors.