IVA Rejected

[go_4_broke]

For what it's worth (not much) my theory is that the creditors are capitalising in peoples unwillingness to go bankrupt.

If you can't threaten creditors with bankruptcy, your IVA proposal is less likely to be taken seriously.

That allows creditors to force people into longer lasting, higher paying DMP's.

When I originally got involved with IVA's, the going rate was 25p in the £.

New to the forums - but not to debt !

[neverending]

Yes,I think your right.
I suppose in an ideal world we need people whos IVA gets rejected to file for bankruptcy........this would then make creditors think twice about rejecting or not voting.
regards

[go_4_broke]

Absolutely. However this all looks like it could change with the introduction of the new SIVAS which at the lowest level do not appear to need a vote at all.

How they got away with that I'm not sure as it seems potentially very adverse to creditors.

And I wonder who gets to make the final decision in these cases.

New to the forums - but not to debt !

[go_4_broke]

...but I've just found out, surprise surprise, that this appears to have been scrapped and the best it will get is that IVA's up to £75,000 will require only a majority vote (50 and a bit %).

Which if true means that the information on this website is now out of date, hint hint admin !

-Best

New to the forums - but not to debt !

[MelanieGiles]

SIVAs are destined to appear towards the end of 2008, but still need that Act of Parliament to confirm them. You are quite correct about the £75,000 level and simple majority, but anything could change in the meantime.

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

[thebear29uk]

Hi go_4_broke

You seem to have come from nowhere and are suddenly posting lots of replies/questions here. You say you are new to here but not to debt. Maybe you can share your experiences with the forum.

No pressure. Just you seem fairly knowledgable about the system and your experiences may benefit others.

Regards

Dave

[claire]

Hi Melanie thanks for your reply, my dividend is 40p in the pound. And i got the information about the law degree from the law society. A bankrupt cannot practise as a solicitor whilst i would get a degree at the end of my course it would not be a qualifying one.

Thanks
Claire

[go_4_broke]

Hi Dave,

Yes sorry about that !

Suffice to say that the area I am working in has a lot of similar themes to those found here.

We are in the process of setting up a new website, when it's in 'Beta' I'll publish all the details so you can all come and have a laugh ! (And no it's not selling IVA's !)

Needless to say I have also been through the mill myself!

My favorite hobbies include going to Court and baiting creditors, preferably with a sharp stick !

-Best

'5 years sticking my head into the Lion's mouth of debt !'

[Nikki Taylor]

Hi Melanie thanks for your reply, my dividend is 40p in the pound. And i got the information about the law degree from the law society. A bankrupt cannot practise as a solicitor whilst i would get a degree at the end of my course it would not be a qualifying one.

Thanks
Claire

Good luck FJ were always good for me good luck with your studies too

Hope you are well

[lesley]

I will be going bankrupt if mine is rejected. I can't offer anymore so when they ring I tell them when they make their threats that bankruptcy will actually be better for me I am going for IVA to try to do my best for them and if they aren't happy then so be it Bankruptcy it will be.