We are at the stage of signing the final proposal papers but now have concerns that although it is a strong case - 70,000 of loan and credit cards and no equity in property or other assets - if the creditors do not allow us to go ahead we will be put in the position of being made to go bankrupt against our wishes. What are the real possibilities of this - we have not defaulted on payments and just manage to pay minimum payments on cards.
I can only say, not being an expert that your IVA company wouldnt bother putting your case forward if they didnt think it a srtong case.
Also and again I am not a professional but it would seem they would lose out in BR as your proposal would state this. Furthermore, it would cost your creditors thousands of pounds to instigate a BR against you, so I think being made BR is very unlikey.
I cannot say that your IVA is a dead cert as noone can but I do know of many people here who have gone BR in negative equity and remained in the house. If your occupation isnt affected it isnt as bad as it might seem right now, although I do understand its not your chosen route at this time. Its just that so many people fear BR so much, its not easy but can be a way forward for those with no other choice and has been a great releif to many.
I realise that this is a very difficult time for you, having 'been there' myself. It does get better. So if you feel like chatting or asking, please feel free.
Youre are amongst friends here who really do understand.
Hey Deana, welcome to the forum. There is always a chance that your IVA sin't accepted but I'm sure your IP would not put it forward if they weren't confident. There is always an option of a debt management plan but this might take a long time to repay the debt. If you want to post a few more details then the technical experts can advise you but I really suggest you speak to your IP who can go through all your options again. Good luck. X
Over 80% of all IVAs which are proposed are actually accepted Deana - why not ask your IP what their own personal success rate is, as you may find it is much higher. Have confidence in a largely fair review process, and know that the last thing your creditors want is for you to be declared bankrupt.
i was just about to post on this topic, we have our creditors meeting on friday morning and i am so frightened i cant think straight, we know we are in good hands as melanie and her team are dealing with our case, we cant go bankrupt because of my husbands proffesion and we do want to pay back as much debt as we can, but i cant help the negative thoughts, hubby has been so positive upto a couple of days ago but now he is as scared as i am, so not much use to each other at moment. [:(]
Just to clarify here, if you attempt an IVA proposal and it gets rejected, you are simply back at square 1. It doesn't of itself mean you will have to go bankrupt as all other options remain available to you. Frankly, the number of financial institutions who see bankruptcy as a preferred option nowadays is very small, although based upon the limited facts you have given it cannot be ruled out entirely as a sensible option for you to consider.
To add to what the others have said, the main asset of an IP is our professional reputation and for that reason most of us won't put forward a proposal if we don't think it has a fighting chance of firstly being accepted and secondly working.
Hope this helps
Last edited by ianmillington on Wed Oct 22, 2008 1:11 pm, edited 1 time in total.
Ian Millington
Insolvency Director
PDHL Ltd (formerly Personal Debt Helpline Ltd) www.pdhl.co.uk
thanks Ian
i know if our iva is accepted we can definately make it work,we have made many changes to our way of life and dealing with our money already and that can only be a good thing.x abby
