question category: IVA

Do 100% of creditors have to agree before an IVA can go ahead?
Submitted on: 5th Aug 2010 by Non-Member | Total Answers: 2

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Re: Do 100% of creditors have to agree before an IVA can go ...

Only 75% of the money you owe to your unsecured debts needs to agree to the IVA for it to be approved.
If one of your creditors has the majority share of your debt then they will most likely have control of the vote. I would advise you to discuss this in detail with a debt advisor who can advise you in much more detail.

This question was answered by Debt Advice Foundation, an independent UK debt advice charity. If you're considering entering into an IVA, Debt Advice Foundation provides a free, confidential helpline and can advise you on whether you qualify. Click here to find out more.

Submitted on: 17th Aug 2010 by Justine Member

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Re: Do 100% of creditors have to agree before an IVA can go ...

As long as creditors who are owed at least 75% of the debt value between them agree, then an IVA will go ahead. All creditors will be bound

This question has been answered by Christians Against Poverty, a leading debt charity offering hope and a solution to anyone in debt.

Submitted on: 23rd Nov 2010 by TA Member

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