www.iva.co.uk

Just had my first meeting for Iva this morning and my Ip called to say Plend have rejected the proposal, with them having around 23% of my total debt, this has meant it’s been rejected and now adjourned.
One company hasn’t voted so they have been emailed for a vote, if they vote in favour then it will go through despite Plend not agreeing.
This has been a huge cause of stress with not eating and sleeping and causing issues at home. Does anyone have any experience with this kind of process? I was advised Plend were asked if they could change terms and agree and they either said no/or didn’t come back to the team, didn’t quite hear her right on the phone for that bit.

For a "Yes" they need at least 75% in favour (by debt value), so, as they say, if the 'missing' creditor votes yes then Plend will have to play ball. The fact that the creditor has not, thus far, voted indicates either disinterest or that they are happy to let the dice fall where they may. Both would, it can be argued, mean that they are not actively against the prospect of an IVA and may well say "Yes" when pressed.

Fingers crossed.

Plend are still not playing ball and haven’t replied to my increase in payments and extension to 6 years request.
Is there an obligation on creditors to reply to requests for amendements? Looks like I will have to go down the bankruptcy route, which I didn’t want to have to do. Plend will get nothing then as I don’t have any assets in order to pay them

It is up to your IP to chase Plend who do sound like a nightmare of a company.

With Bankruptcy you may well have to pay an Income Payments order depending on your disposable income and your credit record will be shot for 6 years, same as with the IVA.

Keep talking to your IP.

Have you checked out a DRO ? Might be better than bankruptcy if you fit the criteria.

Debts are sitting around 35k so it’s too much for a DRO I believe.

Does anyone know if a company are obliged to reply to a renegotiation? Also the lines of communication between the IP and the creditors seem like a long drawn out process on email with little or no comms back

That is too much for a DRO. I don't know if companies are required to renegotiate. If they have said no then that might be it and, as you have said it's their loss.