www.iva.co.uk

If at the creditors meeting the majority vote no, does this mean our only options would then be bankruptcy or DMP? Is there still potential (and are you allowed) to apply again, perhaps with another company or would that be a waste of time, effort and resources?

If the majority vote no, then you can only do DMP or Br. Dependent upon what they have rejected it for, then sometimes a DMP as a temporary measure is a good idea. You can then re apply a few months down the line.

If it is rejected, then I would not try again straight away with another company as I think that would be a waste of time.

This is why you have to make sure you are happy with your IP from the word go.

If your IVA is rejected, your IP will undoubtedly adjourn the proceedings to see if a more acceptable deal can be brokered between you and your creditors.

The key to IVA success is to get the proposal right in the first place. If that has happened, but your creditors have simply not agreed with the offer, then there would be little point in representing the proposals and you ought then to look at other options.

Keep positive, I am sure that you will be fine.

Melanie is right - keep positive and remember your IP would not have put your proposal forward if he/she did not think it would suceed. Good luck I am sure it will be fine.

Fingers crossed that everything goes the right way for you.