My iIVA adjustment has been unsuccessful. I'm so worried that they will decline increased offer

[Paula,rr]

My iva adjustment has been unsuccessful. Some of my creditors didn't vote, and the ones that have declined it are the ones I owe the least amount if money to - £500/£800. I'm with Grant Thorntons. They've put an increased offer to the creditors - I'm just wondering what would happen if they decline it again...I only have 15 payments left on my iva but I am in arrears due to increased living expenses - huge increase in gas/electric etc...what can I do I'm so worried

[Niobe]

Hi and welcome.

Fingers crossed that it goes through this time - nobody is going to want your IVA to fail now.

[Paula,rr]

Thanks.
GT seemed quite keen to push me towards BR, which is the last thing I want. They've offered to waive their fee to try to get the creditors to accept the 2nd offer. What happens to the money I've paid so far if I'm pushed to BR?

[Niobe]

The money you have paid will go to your creditors plus fees to GT. It sounds as though they are doing their best to get this through for you.

[Paula,rr]

Thanks.
They've said I'll find out by 7 Nov. It's so frustrating that the creditors with the least amount of money owed are potentially going to cause the IVA to fail. I've really done my best to maintain payments and have been honest when I've been faced with payment difficulties. I'll be devastated if I have to go BR, I don't even know where I'd get the 700 needed to do it

[MelanieGiles]

In wonder if anyone tried to contact the creditors who had not voted to see if they would support your revised proposals. Do you know if this happened, and if so why they refused to vote?

[Paula,rr]

That's a good question and I wondered that myself. I'm going to contact GT tomorrow to ask that question.

[Paula,rr]

So I asked the question, and they've said they're entitled not to vote. They won't be asking them to, as they've already had their opportunity.

[MelanieGiles]

So are they saying that they are not going to be bothered to try for you? Surely that cannot be the case?

[Paula,rr]

They've said there'd be little point because they don't have the majority vote. They've said if it gets rejected again I could look at increasing my payments (with help from a relative) to prevent it from failing. The variation has been escalated to one of the managers at my creditors for their decision. My dad has kindly offered to help me clear the arrears if the variation offer is declined. I guess the good news is that it won't fail and I won't have to go BR.

[MelanieGiles]

I would agree with them if the rejecting votes represent more than 25% of the aggregate debt. Do you know if this is the case?