IVA second time around

[janderson]

Hi All

We as some of you know were declined our IVA on Wed 28th and I am curious to know if there is anyone out there who has had similar experiences and if the second attempt or third etc worked. We are now looking at a DMP and within days of refusal the calls and letters are returning. We will have to get extra income from somewhere to make a offer the vampires will be happy with and see how it goes but your views would be interesting and useful



Thanks



John[xx(]

[kallis3]

Hi John,

We were told by Payplan that if mine didn't go through, I would revert immediately to DMP and then they would try again in a few months time, and I could keep trying. I don't think there would be a limit to the number of times, but it would get demoralising the more you tried.

I don't actually know of anyone who has had to do that. Maybe one of the experts could shed some light on the matter?

[Wizzard]

I'm sorry to hear your IVA failed John. Has your IP indicated why it failed yet??

[janderson]

Hi Ray

The phone call from the chair did not specify a particular reason and as we are with payplan, although i think they are OK the system seems a little bureaucratic. my view is it was a low offer and creditors wanted more. I also have to say the voting was interesting and some creditors I thought would vote against voted yes. Our biggets anti vote was from Lloyds TSB.

We are awaiting paperwork from payplan to start DMP process. and see how that goes.



Cheers


John

[kallis3]

Lloyds TSB voted no for me as well - it was only £2,200 though and one of the smaller ones. Most of mine didn't bother to vote

[Dominic]

interesting Lloyds are one of my creditors and at my meeting did not even bother to vote

[facingittogether]

how ridiculous, they want more, if it is the best offer they can have, how can you give them more? it really annoys me!

good luck whichever route you take now!

love barb x

[kallis3]

I wouldn't mind, but most of them would be worse off if you had to go down the bankruptcy route. DMP will mean it is years before they get their money back. IVA means they get some of it back quickly.

There's nowt so queer as folk!

[Skippy]

I don't understand the attitude of the banks voting no - as Kallis says they will be worse off in BR.

Although my IVA was accepted I had a modification stating that there could be no variations in the first 24 months. When I realised I was in trouble I spoke to my IP to request a variation (I was happy to pay for an extra year) but was told this couldn't be done due to the modification. This left me with no option other than BR, meaning my creditors probably won't see a penny.

[facingittogether]

well skippy, they are just stupid then and deserve to get nothing!

barb x

[Skippy]

To be honest, that's why I no longer feel guilty about not paying anything back! OK I got myself into the mess and I tried to get myself out of it. If the creditors had played ball they would have got something back - my IVA was for 27p in the pound, and the BR comparison was 2p in the pound, although I don't know if they're even getting that. Oh well, their loss.

[janderson]

Hi All

Have considered the BR route but I would not be able to continue my involvement with a number of the things i do now that I really enjoy and am succesful in as a Director/ school governor etc. I am also confused as to what the BR process is and what happens to the individual both up to, during and beyond BR.

I also feel that if creditors want to mess us around and it ends up taking years to get their money back tough. They are the ones who will have to use their resources servicing and managing the debt.

I am also curious to know who out their got the lowest offer accepted in an IVA.


Thanks



John[8]

[kallis3]

Skippy, I think they cut off their noses to spite their faces there!
I am sure they don't always look at the bigger picture when they refuse these things.

OK, most of us didn't think of consequences when we took the credit out, and we could have said no, but we live in a got to have it now' society, unlike when my parents were young, and if you had no money, then you didn't get what you wanted.

Once we realise that we have a problem, most of us try to do the responsible thing and pay some of it back. It is the banks loss if they can't accept what we are offering.

I wonder, with things being the way they are, whether they will put the brakes on IVA's. Having said that, I have noticed that there are one or two firms advertising on tv again.

[facingittogether]

hi janderson

i think i have seen someone on here get a iva accepted at 19p in the pound, not sure if anyone posted with anything accepted lower! ours was 30p in the £1

barb x

[kallis3]

Why can't you be a School Governor if you are bankrupt? I think it is silly that you can't do certain things just because you have financial problems.

In this day and age, when more and more people are having problems, I do think the stigma of IVA and Bankruptcy should be taken away.