www.iva.co.uk

Creditors meeting is set for next week. Anyone been refused and what happens then??

Hi, I'm sure you'll be fine and I know it's easy for me to say but your IP wouldn't put a bad proposal through they must have confidence in it.

In the unlikely event things are refused you can go on a DMP for a while, bankruptcy or try another IVA in time.

Hi Austint36
Its unusual for something to be completely refused these days, your IVA firm will have most likely worked out an acceptable proposal with you. It might well be the case they'll be minor modifications, but these dont normally affect you as an individual much if at all.
If it is refused then its back to the drawing board, but it might be able to be re-drafted if whatever caused the refusual can be overcome. But its unlikely you'll be refused, so I wouldnt even think about it if I were you!

I've not seen a rejection on here in a long time. I am sure you will be fine.

I think I have seen only 1 refusal in the 2 years I have been on the forum and even then the IP worked their socks off to get it through a few days later, have faith!

I know it won't make the doubts go away - but we all felt that our IVA proposals would be rejected. We had a request to modify the payment which we agreed - this was all sorted the morning of the meeting.

Please let us know how it goes.

GoodLuck!

Good luck, hope it goes well.

We all know these feelings, im at the early stage and feeling the same way! What happens if....

Austin36 - Good luck. Think you'll be ok. What is your dividend offer? - The banks need to get some money in because of the amount they're dishing out on PPI

Thank you everyone!! I am offering £316.00 per month

But what is your dividend proposal you IP is putting to your creditors

As long as the creditors are happy then it doesn't matter what the dividend is.

Fair comment. I merely enquired as to offer a bit of confidence. Like, 50p in the pound is far more likely than 10p

I am not sure how you work that out but my debt is roughly £60,000 and my proposal is £316.00 per month

I have my fingers crossed for you...hopefully it will come your way just in time for xmas ! Look forward to seeing your update post next week x

We had our IVA`s approved in March. Originally the creditors meeting rejected the proposals, but it reconvened and approved them just over a week later. In the intervening days I liased with our IVA company and tweaked some of the details and prepared responses to the creditors` concerns.
So even in the very unlikely event of an initial rejection there`s still an opportunity to restate your case. As others have already said they wouldn`t have put it forward if it wasn`t meritable and only a tiny percentage get rejected.
Best of luck
[:)]