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


  • sourcrates
    sourcrates Forumite, Ambassador Posts: 27,673
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    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,
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  • Farcasting
    Farcasting Forumite Posts: 104
    10 Posts
    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
    Part of the Furniture 1,000 Posts Name Dropper
    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
    100 Posts First Anniversary
    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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