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Posted: Tue Jul 09, 2013 6:29 am
by DaveWD
As the creditors will know when I apply for an IVA, what could (potentially) these creditors do if the IVA is rejected?
Posted: Tue Jul 09, 2013 7:11 am
by Kelly O
Hi Dave and welcome to the forum,
If an IVA is rejected by creditors, they will continue with collections activity which could include legal action.
If your IVA was rejected you could consider bankruptcy, or going into a temporary DMP then proposing another IVA when you are ready
Posted: Wed Jul 10, 2013 12:21 am
by MelanieGiles
And any one of your creditors owed more than £750 could also petition for your bankruptcy as well.
Posted: Wed Jul 10, 2013 9:59 am
by Christopher.ly
What would be the reason for creditors to reject an IVA
Posted: Wed Jul 10, 2013 10:46 am
by ClareSilver
If creditors feel that you could repay your debts in full or they don't agree with your income and expenditure, they can reject or ask for modifications to your proposal.
Posted: Wed Jul 10, 2013 12:01 pm
by MelanieGiles
Creditors can reject for a vast number of reasons, but in my experience this generally happens if they feel the debtor has had a poor record of compliance, or has not fully disclosed their full financial position.