iva not accepted..what next?

[kiki]

hi
could anyone help? what are the other alternatives if my iva is rejected, i have a real strong feeling it wont be accepted and im desperate

i would appreciate any help you could give

thank you

[Moneystinks]

I think this one is for an expert....


Good luck hopefully it will be accepted. XX

[indebtforever]

what makes you think it wont be accepted? good ip`s dont like failure so i would assume they think it has a good chance or they wouldnt have proposed it

[chris.g]

What other options you have will depend on a few thing....do you have any assets? Will your job be affected? any assets that you have will probably be claimed in br and some jobs will not allow br. I think you need to speak to the ip dealing with your proposal and tell them of your concerns, it may just be nerves as it is a very worrying time waiting for the voting. Good luck

[MelanieGiles]

The other options available to you are bankruptcy or a DMP, but as the other posters have asked could you share your concerns with us so we can comment directly on those. Your IP would not have put forward something which they did not feel would be accepted.

[kiki]

thanks for your posts
my job wouldnt be effected i dont think, im only an administrator i dont have any assests like a house or car so i did consider bankruptcy it may well just be nerves but i feel that i wont be accepted as i have a lot of creditors - 8 i think and i understand you need 75% to agree!

[indebtforever]

more creditors is an advantage have you any more details as to what you owe each one ? the dividend you are going to pay monthly? the experts will have an opinion

[kiki]

im just awaiting my draft to explain how much i will be paying out monthly i owe 22,000 to the following creditors
hsbc
lloyds credit card
egg
cahoot
mbna
next
barclays
hsbc
lloyds loan
i owe the most to lloyds tsb i think.
thanks
kiki x

[indebtforever]

need the figures beside the creditors what you owe each one for a better idea

[kiki]

hsbc - 3500
lloyds credit card- 1000
barclays - 400
egg- 450
cahoot - 3500
mbna - 2900
lloyds loan - 8100
next- 900

many thanks z

[Viki.W]

Kiki, I think you're having the same fear as everyone waiting for their creditors meeting. I'm sure as everyone says, your IP wouldn't put forward an application they thought would fail. At the end of the day, if you are making your absolute best offer then that's all you can do. Thinking of you, let us know how it goes and keep posting on here for support. Viki X

[MelanieGiles]

Those creditors are all pretty supportive towards IVAs, so you should be fine on the day. Do let us know how you get on.

[janderson]

Hi All

Our IVA application was turned down, and we are looking at a DMP as an interim measure. It depends on what the return for creditors is. If it is high enough they will accept it. We have looked at BR and for now put it on hold. It is not easy as we get the calls and letters again after the failed IVA application. Our experience is that Lloyds TSB were among the objectors as well as MBNA. But again they want the most back anyway.


Good luck.


John[B)]

[Moneystinks]

Sorry to hear you IVA was rejected.

You appear to have looked at your options.

Good luck whatever you decide.

XX