just had the terrible news of my iva being rejected

[team]

iva creditors meeting.
ive just had the terrible news of my iva being rejected by only having 63% of value of debt approval where 75%is required.
please can someone advise me if it would be acceptable to use a family friends offer of clearing one of the creditors who refused at the iva meeting which would pave the way for an approval[on percentage terms] when my iva company are puting forward my proposals again in 2 weeks?

[Lisa2009]

Its not usually a good idea to prefer one over the others but i dont know where you would stand doing that in this situation.
I take it its been adjourned for 14 days?
Has your IP said they are going to try and canvass some more yes votes for you?

[Shining]

Hi team, I hope this can be resolved by your IP? As Lisa asks are they trying to get the opposing creditors to change their vote?

[kallis3]

Team, I'm so sorry to hear that.

Make sure your IP is trying to sort out some more votes for you. It can be adjourned for two weeks.

[Skippy]

I'm sorry to hear that team, I hope your IP can turn this round for you x

[team]

thanks for replies.
no they havnt said to me that they are contacting any creditors for me.
i thought about ringing one of them and explaining that i think it would be a good idea to provide an approval vote rather than an acceptance of an amount owed which is classed as a non vote.
im self employed, and have been for 10 months and the inland revenue have arrived at a figure of amount owed that they want included in my iva,however i feel that figure is far excessive and im seeing my accountant this week to provide upto date accounts to prove i dont owe that amount.
i was thinking if my relative was able to clear the other creditor who rejected and i was able to hammer down my dues to the inland rev. than it should go through when attempted to next time. what dya think friends?

[Adam Davies]

Hi
Talk with your IP and make sure that your tax liability is accurate.
You really need your IP to win over your rejecting creditors or for them to chase any non voting creditors.
What was the actual reason for your rejection ?
regards

[kallis3]

Speak to your IP before doing anything - they are the ones who should be chasing up creditors for you.

Give them a ring tomorrow.

[MelanieGiles]

Is it HMRC who are objecting? Is this because you have tax or VAT returns outstanding?

[team]

hi,
it was rejected because it never reach the 75% approval rate.
i spoke to my ip friday and they said they wont be contacting any creditors on my behalf as they are not allowed to do so.
therfore i contacted one of the creditors who didnt vote at all and suggested that they for acceptance next time which they agreed they will.
yes melanie it is hmrc. i wouldnt say that i owe them its just because i started self employment in january 2009 and i will owe them by the end of this tax year.

[kallis3]

As far as I am aware, your IP is allowed to contact your creditors to ask them to vote. It should not be down to you to do that.

Hopefully you having contacted one of the creditors and them having agreed will mean your IVA goes through.

[Adam Davies]

Hi
I am sure that yout IP can contact creditors and rustle up some more votes.
If you have no luck it may be worth holding off trying for another IVA until your liability for tax is correct. Then propose a fesh IVA and until then drop into a debt management plan
Regards

[team]

andy, a friend of mine is happy to pay one of the creditors who rejected a full and final figure.
can i do this? as the way i understand it is that if this creditor is out the way when my iva proposals are put forward again in two weeks ,the iva will be accepted even if hmrc reject again as i will only have them refusing

[kallis3]

As far as I am aware, this would be classed as favouring one creditor over another and might not go down very well with the others.