Can Creditors Change there decision

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john.jk

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Post by john.jk » Thu Aug 14, 2008 5:56 pm
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Once a IVA has been accepted can the creditor/s change there mind and decide to go back on there vote ?[:)]
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kallis3

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Post by kallis3 » Thu Aug 14, 2008 6:01 pm
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It's legally binding for all concerned.
Sharing from experiences of dealing with debt
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indebtforever

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Post by indebtforever » Thu Aug 14, 2008 6:01 pm
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no once it is accepted they are tied to it unless you break some conditions
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Kazzy E

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Post by Kazzy E » Thu Aug 14, 2008 6:01 pm
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Hi John, I don't think so, I thought this was legally binding for the full term unless a F&F is agreed or the IVA fails after three non-payments. May be wrong, would be interested to know as well. Kazzy x
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MelanieGiles

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Post by MelanieGiles » Thu Aug 14, 2008 6:18 pm
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Absolutely legally binding on both sides, which is one of the advantages of an IVA over a DMP.
Regards, Melanie Giles, Insolvency Practitioner
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