Hi Everyone
Has anyone on here been turned down for an IVA?
Basically our largest creditor, who has 50% of our debt has rejected our IVA offer because they were not happy with the 12 pence in the pound offer put forward by Payplan. The creditor is Enact and we owe them approx £29000 from a mortgage shortfall sold on to them by Santander. The IP seemed very surprised that we were turned down.
Enact also apparently refused to negotiate and so we are back to square one. For several reasons my hubby and I don't want to go bankrupt and we are gutted that our IVA has been rejected.
I am wondering whether it is worth hanging on and trying again in a few months time.
My husband is speaking to Enact tomorrow to basically tell them if we dont get an IVA then we will have to go bankrupt and see what they say. I have also spoken to Vincent Bond another IP who said that they could take on our case if Enact will give us some idea what they will settle for.
I would appreciate any help you can offer me
Many Than
I think it is worth talking to another IP or two to gain their view and to look at your I&E to ensure the best p in the £ is offered ... don't give up hope!
Sharing from experiences of dealing with debt
There is a solution for everyone .... Just need to stay positive !
Personally, I'd have a chat with another couple of firms to see if, a) they could get any sense from the creditor and b) if the offer could be modified by increased payments or, maybe, an extra year.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
