Published in Debt Advice Features on Sunday, December 31 2006 by Ideal Debt Solutions
The simple answer is no! However…
Your creditors can reject your Individual Voluntary Arrangement when the proposal is put to them at the Meeting of Creditors. Usually they will request certain terms to be met when a rejection is placed, for example a higher contribution each month. At the Meeting of Creditors only 75% of your creditors have to agree with your IVA for it to be accepted, so even if some refuse, it may still go ahead regardless. Their vote is based on how much debt you have with them. For example if you owe one creditor 40000, and another ã5000, obviously the latter will have less say in the vote. The percentage they hold is worked out directly with the amount of debt you have with them in other words.