Variation rejected, BR beckons!

[Rock20]

Hi All,

If my variation meeting is rejected by creditors next month, what would be the process on going BR?

Is there a period I have to wait until going BR,mor can I march straight down to the CC and go BR?

Cheers.

[Adam Davies]

Hi

I think most official receivers want to see proof that your IVA has failed before agreeing bankruptcy

Regards

[Rock20]

Thanks for your reply.

What proof would that be?

Is this some form a certification issued by my IP?

Thanks.

[danp100]

Hi,
i have a variation meeting next month as well. out of interest what is the reason for your variation? Do you not want to continue with your IVA? I am seriously hoping that my variaiton is accepted so i can complete the IVA as it seems most variations are accepted i think.

[MelanieGiles]

Why do you feel your variation offer may be rejected Rock20? Most of them are actually accepted in practice.

[Rock20]

Hi,

Not sure it will be accepted because it will move from 59p to 17p in the pound - a fair old drop.
Danp, the reason is due to redundancy and securing a lesser paid job.

[danp100]

Hi,
my dividend is 22p so you may still be ok even if your's is only 17p.
dan

[bridgey]

Hi Melanie,

Our current dividend is 48 pence in the pound. We stated originally a take home of £2586 incl Child Benefit. This is in reality more like £2200 (as a change of job and reduced income has happened).

I am in the process of informing my IP, however do you think that a variation is a possibility, or would BR be the more likely route?

[ClareSilver]

I don't see a reason why you can't have a variation Bridgey. Creditors would probably see a higher dividend in an IVA as opposed to bankruptcy and if this is the case (which i'm sure it is) then they're likely to accept it.

If your income has dropped and you can no longer afford to make your IVA payments as they are, then it's really important that your IP seeks a variation to reduce your monthly payments.