If at the creditors meeting the majority vote no, does this mean our only options would then be bankruptcy or DMP? Is there still potential (and are you allowed) to apply again, perhaps with another company or would that be a waste of time, effort and resources?
If the majority vote no, then you can only do DMP or Br. Dependent upon what they have rejected it for, then sometimes a DMP as a temporary measure is a good idea. You can then re apply a few months down the line.
If it is rejected, then I would not try again straight away with another company as I think that would be a waste of time.
This is why you have to make sure you are happy with your IP from the word go.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
If your IVA is rejected, your IP will undoubtedly adjourn the proceedings to see if a more acceptable deal can be brokered between you and your creditors.
The key to IVA success is to get the proposal right in the first place. If that has happened, but your creditors have simply not agreed with the offer, then there would be little point in representing the proposals and you ought then to look at other options.
Melanie is right - keep positive and remember your IP would not have put your proposal forward if he/she did not think it would suceed. Good luck I am sure it will be fine.
Last edited by David Mond on Tue Jan 13, 2009 4:28 am, edited 1 time in total.
Regards, David Mond, Insolvency Practitioner for over 46 years. Personal Insolvency Practitioner of the year 2012, Personal Insolvency Practitioner of the year finalist 2013 & 2014 awarded by Insolvency & Rescue Magazine and 2015 finalist for Personal Insolvency Firm of the Year.
Fingers crossed that everything goes the right way for you.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
