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Considering an IVA ..a question please
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Hi ferry,
75% of your creditors, by value of debt, must agree to the proposal for it to be passed.
Once it is passed, then it is legally binding on all of your creditors yes.
So you need the creditors with the highest value of debt to agree to it, in order to move forward.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 forumteam@moneysavingexpert.com. 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-letter1 -
Thanks always SC:j0
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If they don't vote they don't count.sourcrates said:Hi ferry,
75% of your creditors, by value of debt, who vote, must agree to the proposal for it to be passed.
Once it is passed, then it is legally binding on all of your creditors yes.
So you need the creditors with the highest value of debt to agree to it, in order to move forward.
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