can we BEG the judge not to accept BR?

[distressed]

My hubby and I do not want to do a BR. Just the thought of it causes me to burst into tears and my hubby very distressed.We did create the debts and would like to pay them back. IF we have to through having the IVA rejected or a creditor forcing us be made BR will we be giving the opportunity to BEG the judge not to accept it? Or are they pretty automatic no matter what the debtors say?

[iva_squirrel]

Hello,

The proposal needs to achieve a 75% majority by value of creditors voting at the meeting to be accepted. If that is achieved, then by law the minority are forced to accept the same deal as everybody else.

Before deciding whether to put forward an IVA, you should consider whether there are likely to be any creditors who would not support your IVA. Apart from whether the proposal itself appears reasonable, creditors will consider the extent to which you have treated them fairly in the past.

If more than 25% of your voting creditors vote to reject your proposed repayment arrangement then you will be back in the position you are in now and we will then help you to investigated any additional solutions that may be available after a failed IVA.You will be given the opportunity to look at different solutions.


Kind regards,


Julia


For more information about IVAs, please visit my website:
www.supersonicsquirrel.net

[MelanieGiles]

Hi distressed

You will only be "begging the judge" in the event that one of your creditors determined to petition for your bankruptcies, and this is unlikely if your creditors are the usual gaggle of banks and credit card companies. They do not usually petition, as they would rather hound and harass you into paying ongoing payments, as in bankruptcy they rarely get paid anything.

You can of course petition for your own bankrutpcy, however in this case you are asking the judge to make an order. So I'm not really sure I understand your point.

If a creditor does decide to petition, then it is very unlikely that a judge will refuse an order unless you are disputing the claim, in which case you probably should have defended the case at an earlier stage. So sorry, by that time the decision will be pretty final.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.
View my IVA blog at: http://melaniegiles.blogs.iva.co.uk

[razamataz_]

Hi Distressed,
I understand your fear of bankruptcy i feel same way to be honest tho'it may go that way yet. Folks are very supportive on this forum and some great Experts and it's good to see other people's views and experiences.

Speak with someone at MYVESTA too for they are very kind there and would give you a 12 month support and bankruptcy forms are gone over by an expert to make sure they are done right all for £59-+ your Bankruptcy fee currently £475, if i'm correct, if on benefits minus £150-but you can do the forms online.
They would say it doesn't matter what others think you have to do what is right for you and at least it offers some kind of closure if you are not likely to be ever thinking of going into a Profession that precludes bankrupts.

Nationaldebtline website is good too for all you need to know. Insolvencyhelpline.co.uk
Insolvency.gov
Citizens Advice can be patchy depending on your area and funding.It needs to have Debt Worker but you would have to ask or look at CAB site.It's down to creating the correct Income & Expenditure sheets by one of these charities and nationaldebtline have them online anyway.
If there was a Community Law Centre in your area might be helpful.
Yellow pages look at local Accountants they may give you good advice.

Most Charities are strapped for cash at moment.

Detail your circumstances and if rural or not and wot got you into debt changes in your situation etc.See how you could do different.

Best of luck-it's all steps until you come around to what's going to benefit you-there are plusses and minuses with whatever you choose.There are some good Experts on here, be choosy.[:x)]razamataz_

My hubby and I do not want to do a BR. Just the thought of it causes me to burst into tears and my hubby very distressed.We did create the debts and would like to pay them back. IF we have to through having the IVA rejected or a creditor forcing us be made BR will we be giving the opportunity to BEG the judge not to accept it? Or are they pretty automatic no matter what the debtors say?

[freelili]

Hello distressed

Just wanted to say it may not come BR, but if you look into it, it might not be so scary, you have done all you can, what will be will be. I am so sorry you are so distressed and I really wish you the very best. Try this site, it just might help you, there is lots of support here too, of course.
www.myvesta.org.uk
Please take care and good luck

LILY