Will my creditors have to agree to the IVA?
A meeting of creditors will be arranged where your creditors will decide whether or not to approve your IVA. It’s your creditors’ decision whether or not they approve your IVA and we can’t force them to approve it. However, as long as your IVA proposal contains your best offer, most creditors will look favourably on your proposal.
For your IVA to be approved, at least 75% of the value of creditors who vote at the meeting of creditors need to vote in favour of your IVA proposal.
Your creditors could vote to approve your IVA but only on the condition you agree to some modifications they ask for. Modifications are changes your creditors ask be made to your IVA proposal. If you needed time to think about the modifications, the meeting of creditors can be adjourned for up to 14 days.
If you agree to the modifications, your IVA will be approved on the day of the meeting of creditors.
Is an IVA right for me?