does this mean my iva will be rejected?

[priti]

by telling me that you have made me a little more relaxed, i still won't be calm until the meeting is over.

[priti]

one more question which i don't understand, why would an iva be rejected, where if one were to go bankrupt then they wouldn't get much at all, am i right?

[MelanieGiles]

Hi priti

Sometimes the creditors simply lose all commercial sense. Other times they take the moral high ground. You never can tell, but the reality is that you guys are just small fish in a big pond to most of the banks, and whilst bankruptcy can be absolutely devastating for the individual concerned, for some of the creditors it is just a small pin-prick on the great bottom-line annual profit.

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

[Oliver]

I believe that some creditors reject IVAs as they believe that they can bully individuals into debt management plans, where they will receive more money. They call people's bluff because they believe the stigma of bankruptcy or the potential of losing a property will stop people going bankrupt and will force them into paying an informal payment. I think it will take more and more people going bankrupt to stop these creditors doing this and would actively encourage anyone to go bankrupt if it was the best solution to their individual debt problem. I sympathies and fully understand that some people simply can't go bankrupt due to owning a property, or because of their employment etc... but there are cases where people have IVA proposals rejected by certain creditors who would receive next to nothing in bankruptcy and these people should go bankrupt if they can to discourage these voting tactics.

Best Regards
Oliver

Thomas Charles and Co Ltd.
Experts in personal debt solutions.
Read customer feedback at: www.thomascharles.com/about_us.asp