Full and final query.

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nuttymarbles

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Post by nuttymarbles » Thu Mar 29, 2018 2:55 pm
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I have my variation telephone call next week, and then the creditors are being called for a meeting after 28 days,so hoping the start of May time! I just have a query, I am currently on a payment break for April, May and June, at the authorization of my Ip, so my account won't show as defaulted when they make the proposal, if for any reason they should reject the offer, is it likely they would protest for bankruptcy? or would my iva just carry on as normal? im just so worried about it all, thank you.
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Foggy

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Post by Foggy » Thu Mar 29, 2018 3:24 pm
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Unless the variation states other options, or is being proposed because the IVA cannot otherwise continue, the usual course in the event of a rejection is that it continues as already agreed. Creditors do not arbitrarily petition for bankruptcy as this usually gets them very little return, unless you have very high equity or other assets, compared to letting the IVA run. The agreed payment break should not be looked on adversely.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
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luluj

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Post by luluj » Fri Mar 30, 2018 5:05 am
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Agree with foggy - your iva should continue if your variation is declined by creditors. Unusual for it to be forced into bankruptcy.
Sharing from experiences of dealing with debt

There is a solution for everyone .... Just need to stay positive !

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