www.iva.co.uk

what happens if the creditors refuse an iva

Hi and welcome to the forum.

If the creditors don't accept an IVA then you can either do a debt management plan or declare bankruptcy.

Have you started the process yet? If not then I suggest you speak to a professional. Visit www.iva.com for a list of companies and reviews and give one or two a ring for some free and impartial advice.

It is quite unlikely these days that creditors would turn down a good offer - so long as you demonstrated that you were putting your very best offer on the table. Some of them still have specific criteria, but the IP you choose to represent you will be able to give you guidance on the likelihood of acceptance, without any guarantees of course.

Hi Mel,

you mention that some creditors have specific criteria, i'm guessing maybe minimum dividend type criterion (?). In your firm would you expect any issues with specific criterion to be picked up early on (consultation/admin) or would they only really be identified when the proposals team analyse the case?

thanks

They would be picked up at my intial review, which happens as soon as the case details are sent to me right at the start of the process.