www.iva.co.uk

hi what happensif your application for an iva is refused ? is a dmp an option as we will have defaulted on our loans and credit cards by then ?

Proposals are very rarely turned down point blank these days. If that did happen usually the thing is to go into a DMP while you regroup and think of a new plan of attack.

You could also petition for bankruptcy with your head held high.It does ask in the bankruptcy paperwork if you proposed an IVA which was rejected by creditors so it would show you at least tried to make a offer.

Hope both foggy and michael have put your mind to rest...so long as your best offer is on the table there is no reason why it shoud be refused..your IP will only submit the proposal if it is realistic

I believe the success rate of applications is well over 90%, the reason being as stated earlier, it wouldn`t be proposed unless it was likely to be approved.
We were one of the few that got knocked back initially, but even then we had 2 weeks to make some small amendments to our case, and then it was accepted.
So no need to worry.

Best not even thought of whilst your current application is ongoing. As others have pointed out, so long as you have made your best offer, there should be no reason why creditors would not accept it.

My proposal is just going through and I have positive days where I think yes it will go through and then negative days where I think it won't. The ups and downs of life with debts...

That is so true, things will settle and the relief will be unbelievable. Good luck x

Hi

Very few IVAs are rejected so try not to woryy, as others have said you could drop into a DMP and consider your options in the unlikely event of rejection

Regards

On a DMP do you get the same sort of expenditure allowances?

I think the positive and negative days are a natural process of the run up to proposing an IVA. What if was my favourite thing to roll around in my head..could have driven myself mad but like others say it's a rare occurrence for a straight NO in an IVA so have faith.