Creditors with the most money owed

kenny_boy1

Hi all I need some help. I have 8 creditors and 7 have agreed, the creditor I owe the most money too are being difficult (council) if they say no does that mean the whole thing won’t be approved even though they’ve been out voted? 

Thanks 

sourcrates

You need a majority of 75% of your creditors, per percentage of your debt for it to be approved.

So if the debt the 7 creditors hold is 75% or more of your outstanding debt, then its approved whatever number 8 may say.

kenny_boy1

Thank you for your reply. Unfortunately the debt to the other 7 doesn’t make up 75% and still waiting on an answer from the council, they are being super awkward trying to long this whole thing out!