iva problems

[mark.e]

what happens when in a joint iva one gets accepted and the other doesnot?thanks

[wardog]

Good question. We already have an iva my husband and me and we are looking to remortgage and our iva company keep saying that the creditors accepts it for one of us and not the other! Confused now as to how we can get a remortgage to help reduce our monthly outgoings.The mortgage are not happy as we have been accepted for the mortgage.
many thanks

[Adam Davies]

Hi
Well you can go ahead with your IVA and the partner will have to enter a DMP or go bankrupt.They could try again for an IVA at a later date.
To wardog
Have you actually had a variation meeting ?

Regards

Andy Davie
IVA.co.uk Spokesperson

About me:
http://www.iva.co.uk/andy_davie_profile.asp

IVA Helpline: 0800 197 4838
http://www.iva.co.uk/iva_helpline.asp

[wardog]

Hi Andy. According to the supervisor they had the meeting already and are going to go ahead with another in the next couple of weeks. I am getting so worried that it wiil fall through again.
Many thanks

[mark.e]

thanks Andy.I have been advise by two different ips I would say.one says if my partners is accepted then it is secured and the other ip says both ivas will have to be presented again.Why is this as my partners should be a done deal by now.pls advice.

[Adam Davies]

Hi
Well we,ll have to let Melanie answer that one.IVAs are individual and so both are agreed seperately and should surely be binding.
Regards

Andy Davie
IVA.co.uk Spokesperson

About me:
http://www.iva.co.uk/andy_davie_profile.asp

IVA Helpline: 0800 197 4838
http://www.iva.co.uk/iva_helpline.asp

[MelanieGiles]

Hi there

It may be that the one which is accepted can only succeed with the support of the other one. ie if a 25p in the £ dividend is being offered jointly, with one IVA accepted and the other rejected, the one which is accepted must still be able to pay 25p in the £ in its own right without borrowing money from the other party. It would be quite tricky me to advise further on this without actually seeing both IVA proposals sorry.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk

[wardog]

Hi has anyone got advise for my problem?
many thanks

[MelanieGiles]

Sorry Wardog - missed that you had also asked for advice.

I assume that a variation meeting has been held and that some creditors have not accepted your proposals. Do you know why? And what is the supervisor doing about negotiating with your creditors? Did the supervisor think that you were making a good offer? You do have the option of closing one IVA, and keepin the other one going under its origianl terms. Difficult to advise on this without knowing the full facts of your case, so I suggest you have a chat with your IP to try and find out what has happened.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk

[wardog]

Thank you very much melanie. I will talk to my supervisor and try to sort this out.
Again many thanks

[wardog]

My supervisor thought the offer was vey good but she has now put foward to the creditors a bit more money. I have no idea why the creditors have agreed to one of us and not the other hpoefully i will get some answers!
Many thanks

[MelanieGiles]

Seems that you have a good IP there, and I am sure that she will do her best for you and get your variation eventually accepted.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk

[wardog]

Thank you so much for your advice