'Automatic' BR

[Kazzy E]

Hi Guys, I had a rather heated conversation with one of my creditors the other evening (I stupidly picked up the phone). After explaining that my meeting is next week, he asked if I could make a token payment to which I came out with the usual blurb. He then said to me 'you do realise we could 'make' you BR, to which I replied, 'if you do that, then you'll get nothing'. I suppose this was just a threat, but in the event of our meeting going pear shaped, having got as far as the meeting, does this mean that our creditors can insist we go BR or could our IP also make that decision, or will we then be given the two alternative options? Who makes that decision? (I am trying so hard to think positive, but keep coming up with what ifs). Fingers crossed for the 25th. Kazzy x

[indebtforever]

I would think it highly unlikely they would push for BR as you have said they will recieve a much better dividend from an IVA.Your ip must be happy with the offer or he wouldnt be putting it forward i wish you good luck and am sure you will be fine[:)]

[pbeck]

Unless they're actually a long way down the road to making you bankrupt already i.e. the petition is to be heard before the IVA creditors' meeting, then he's talking b*******s.

Once the meeting has been held, assuming the IVA is approved, then creditors are prevented from taking any further action, so, given the length of time that it would take for them to make you bankrupt starting from scratch, they've got no way of doing this before your creditors' meeting.

Of course, if the meeting does not approve the IVA, then you're back to square one again and yes, the creditors could take bankruptcy action.

IVA proposals can be protected by an Interim Order of the Court up until the date of the creditors' meeting. The interim order would prevent creditors from taking ANY enforcement action for a limited period. Until the Insolvency Act 2000 this used to happen in every IVA, now it is no longer a requirement and in the great majority of IVAs they are no longer applied for.

[Kazzy E]

Thanks for your replies Guys. I know my IP wouldn't have prepared my proposal if she thought for one minute it wouldn't be accepted, but I have a couple of pretty horrid creditors which I am a bit concerned about. We'll just have to wait and see, and I'll have to busy myself to stop me thinking these daft thoughts. What will be will be..... Kazzy x

[Lisa2009]

Dont worry. These call centre people usually work on commission so they will say anything to make you pay.
Good luck xxxx

[Skippy]

Don't worry Kazzy, as the others have said he was a call centre worker on commission. I had an arguement with someone from Tesco Finance call centre after I was bankrupt as they told me they don't recognise bankruptcy and I must pay the balance in full! I took great delight in explaining BR to him, and he gave up in the end. Stick to a script and don't let them intimidate you - I know it's easier said than done some times, but you're nearly there now x

[chris.g]

Just some little a**ehole who thinks he can project all of his anger onto someone else!! Take no notice, you are trying your best to get an IVA sorted, they'll try all of the threats and low tactics they can to try to get money from you, even after the IVA is set up....

[tori]

hi there,this is my first post on here ! this forum has been my daily therapy for the last 2 months so i thought it was about time i joined in ! thankfully i havent had too many creditor phonecall's,although goldfish have just started making daily contact but i can cope with that coz i have a bit of a weakness for men with scottish accent's so they can ring me as much as they like !! my creditor meeting is 28th july so not long now.i was having a 'scared' day yesterday,but feel a bit calmer this morning

[kallis3]

Hi Tori, and welcome to the Forum.

The creditors calls will probably increase between now and your meeting, but that's not long away.

You certainly sound very positive today.

Good luck for the 28th and let us know how you get on.

[tori]

hi there and thanx for the welcome ! this forum has been a lifesaver and i know for a fact that if i hadn't have come across it i would still be going through my horrible monthly ritual of getting all my cheques ready to send off,and then worrying about which card i could use to pay for food and petrol once id used all my wage to make the payments.i would rather have a 100 creditor call's a day than go back to the constant worry.and even tho my iva hasn't been accepted yet i already feel 'normal' again.

[moretolife]

yes..i can identify with the "daily therapy"....i log on most days to get my top up too.!!!

[Viki.W]

Hey tori, welcome to the forum, your bit about the accent made me laugh![:D] X

Kazzy, hope you're ok, not long now.[:)] X

[tori]

well tired of life i have to say that i couldnt have paid for better counselling than that which is on this forum.it has made my iva journey less stressfull than i had anticipated.and glad i made u laugh viki.maybe ive spoken too soon tho about not getting lots of call's,i will probably be bombarded with them for the nx ten days til my meeting! i was also worried about being forced into bankruptcy if my iva is rejected but i can see that it would cost the creditor's a lot of dosh to do that [:)]

[Viki.W]

Let them phone you, tori, they may all be scottish......men hopefully! [:)] X

[Soulgrowth]

Hi Tori ... just wanted to add my welcome also [:)]

Good luck with your IVA proposal ... and keep in touch [:)]

Debbie