Predicting a creditors vote?

I am panicking about the creditors vote on an IVA. I’ve been googling and hearing about companies (MBNA) who always vote no. PayPlan also think new day might vote no due to recent spending on the card. If anyone has any experience with these companies I’d love to know. The proposed pay off from the Iva is 57%

Admiral £7000
Barclays £4000
Lendable £7000
lloyds loan£7000
lloyds overdraft £2050
MBNA £2750
NewDay £950
SecureTrustBank £1500
ShopDirect £850
Vanquis £2700

Thanks in advance for any advice/experiences people can share x

Comments

  • sourcrates
    sourcrates Forumite, Ambassador Posts: 27,673
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    You just need 75% of your creditors, by value of debt, to vote yes, for it to be approved.
    Any that vote no, can usually be compelled to vote yes, by adjustment of the monthly payment in their favor.
    You should be fine,
    I’m a Forum Ambassador and I support the Forum Team on the Debt free wannabe, Credit file and ratings, and Bankruptcy and living with it boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing [email protected]. All views are my own and not the official line of MoneySavingExpert.For free non-judgemental debt advice, contact either Stepchange, National Debtline, or CitizensAdviceBureaux.Link to SOA Calculator- https://www.stoozing.com/soa.php The "provit letter" is here-https://forums.moneysavingexpert.com/discussion/2607247/letter-when-you-know-nothing-about-about-the-debt-aka-prove-it-letter
  • Farcasting
    Farcasting Forumite Posts: 104
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    edited 20 February 2020 at 9:41PM
    around 25/30% is a good dividend so if they're getting 57% id say they are more than likely to accept it

    in addition payplan wouldnt put an offer forward they did not think would be accepted.
  • mwarby
    mwarby Forumite Posts: 2,044
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    I think you'll be fine as quite a good return. Reading your other thread it looks like bankruptcy wouldn't be that bad if the IVA wasn't approved.
  • thevdm
    thevdm Forumite Posts: 137
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    I would hazard a guess that the IVA will be accepted. Having checked my old paperwork MBNA accepted my IVA, I cant remember exactly what the divident was, but it was around 50-55%. The only company who rejected my IVA was an Argos store card which had a balance of £113 (or 0.53% of my debts).
    I may be wrong sometimes, I learn a little every time I'm corrected.
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