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Posted: Sat Nov 26, 2016 9:26 pm
by Rachael.26
I am currently in the process of applying for an IVA- nothing has been confirmed as yet. I have been advised to phone my creditors ask to freeze ac's & cancel my ddrs. My concern is what if I do this, 3/4month down the line my IVA has been rejected for what ever reason & my debt has been sold to debt collectors?
I understand 75% creditors have to agree but what if they don't?
Posted: Sat Nov 26, 2016 9:34 pm
by Foggy
75% by debt value of those who vote need to agree. If the IVA is rejected ( which is rare these days) then you have been saving the payments and can catch up --- it shouldn't take 3 or 4 months, unless you are with Stepchange or Payplan, who do take their time.
Posted: Sat Nov 26, 2016 9:52 pm
by Michael Peoples
Most IVAs are accepted if the criteria are met. You should be fine but if in doubt speak to another firm. Three to four months is way too long for an IVA as the whole process should take about four to six weeks.
Posted: Sat Nov 26, 2016 10:31 pm
by kallis3
Just to confirm as well that it is 75% of creditors by value who vote on the day.
Posted: Sun Nov 27, 2016 7:21 am
by katana2471
I'm have my creditors meeting on the 9th Dec. Really nervous. As this is going to be life changing which! Worried yes. Stupid for running debt up. My own fault. Fingers crossed.
Posted: Sun Nov 27, 2016 8:40 am
by kallis3
I'm sure you'll be fine.
Posted: Sun Nov 27, 2016 3:56 pm
by Louisa29
Hi
I know how you feel am in exactly the same position as you have creditors meeting on Thursday am just hoping an praying that it's accepted.
Good luck to you!!
Posted: Sun Nov 27, 2016 10:58 pm
by Michael Peoples
Best of luck from me too.
Posted: Mon Nov 28, 2016 10:13 am
by Lisa Thomas
It's 75% in value VOTING that have to vote in favour for it to go through. Your Nominee would not recommend it if s/he did not think it was viable.
Worst case scenario if it gets rejected you are back to where you were before you put the IVA forward and creditors can pursue you for the debts. Bankruptcy could ensue.
Best of luck with the meeting.
Posted: Mon Nov 28, 2016 10:23 am
by plasticdaft
Most people are in the situation where they cannot continue as they are so whether the iva gets the go ahead or not doesnt really change things.
As mentioned most gain approval and dont take as long to set up.
Good luck.
Paul
Posted: Mon Nov 28, 2016 11:13 am
by kallis3
I think that is what myself and Foggy had already said Lisa.
Posted: Mon Nov 28, 2016 1:13 pm
by Lisa Thomas
Apologies Kallis- I don't always have time to read every response.
Posted: Mon Nov 28, 2016 2:19 pm
by kallis3
No worries!!