Question for the experts

[karen]

Can someone tell me what will be happening behind the scenes in the run up to our IVA date on Monday.Do they get any indication before the date as to whether it will be successful or do they not know unitl the actual day. If its declined what will happen ?
Worry.... worry....worry.....
Karen

[kallis3]

Hi Karen,

Sometimes the IP's will know beforehand, but they're not allowed to say. It does mean that if there are likely to be problems, they can try and sort them out beforehand.

In the event it is refused, dependent upon the reasons why, the hearing can be adjourned by up to 14 days for the IP to try and gain an acceptance.

Other than that it either a debt management plan, or bankrutcy or try and negotiate lower payments with your creditors yourself.

I am sure that everything will be ok. Your IP wouldn't be putting the proposal forward unless they were confidant it would be accepted.

[Julie]

Hi Karen,

I totally agree with what Jan has said.

Its natural for you to worry, but just believe your IP will do their best to get this IVA through.

xx

[oskiee6]

is it fiar to say that it is in the interest of the IP for the IVA to be successful and also the creditors would not seek bankrupcy as they would get nothing.

i understand that creditors refuse for example on grounds that you have assets such as second homes or hire purchase on a new car etc. so so long as you do not own a villa in spain you should be fine.