What happens at the IVA creditors meeting?

After your proposal has been prepared and posted to every known creditor, a Creditors Meeting will be called.  At least 14 days notice is required.

The Creditors Meeting is an opportunity for your creditors to raise any queries about the proposal should they have any.  They may suggest changes to the proposal if they so wish.  Any changes they require need to be agreed by you.

You do not have to attend the meeting.  Creditors lodge their votes by post and fax.

The proposals are approved when 75% of those that vote have accepted the proposals with or without modification.

The voting power of each creditor is measured according to how large the debt owing to them is.  So if, for example, the only creditor to vote was a mail order company to whom you owe £750 and they said yes, the IVA would go through, even if you might owe £50,000 to other creditors who haven’t voted.

Getting in touch with an insolvency expert for free debt advice is as easy as picking up the phone.  Call the Leeds Debt Advice Helpline on free phone 0800 169 1536