www.iva.co.uk

have been told today that our proposed iva failed. apparantly one of my partners creditors said no. all my creditors agreed.
why did'nt the ip ask for an adjournment,or ask to negotiate. the meeting with the creditors took place last week wedneday 12 march. what can my partner and myself do about this, if anything. the company in question told us to go bankrupt,as the iva did'nt succeed. we don't want to go bankrupt we want to pay please advise
we feel quite lost
kind regards
pisces girl
many thanks

Hi pisces girl and welcome to the forum

Those are questions that you will have to ask your IP - but it does seem strange that no effort was made to approach the creditor. Which IP firm are you using and which creditor is involved?

the ip company is clearstart and the creditor is barclays.
pisces girl

Hi Pisces girl, You can always start a DMP with your creditors and get another company to deal with another IVA proposal. Seems really strange Clearstart doing this, as they have quite a good reputation on this forum. x

Barclays are generally receptive to IVAs.

Has any reason been given for the rejection?

Ian

Unusual for Barclays to reject - there must be some flaw in your proposal. Your IP does need to adjourn this to allow more time to negotiate with Barclays and at least be able to produce a reason for rejection - this is now a requirement of the IVA protocol.

clearstart are not interested in giving dmp and put us onto a bankrupsy consultant. this did not impress me. and to be honest i can't remember the reason why barclays rejected the iva. Because when the guy told me it had failed my brain froze and did'nt really hear the reason why because i was in shock.
pisces girl

I can only suggest you get a second opinion about your situation.

Ian

Hi, I would ring Clearstart back, and find out the facts. I'm sure there are other options besides bankrupsy. What is the total debt amount, and how much were you proposing.

the total dept amount for the both of us is about 23k.

As Melanie has indicated. Barclays do not tend to reject IVAs without good reason, and there must have been some flaw in the proposal - most common is that they perceive a lack of viability.

Debbi has a point. Get hold of Clearstart and ask them for an explanation as to why it was rejected. It is only fair to give them that opportunity. If we know the reasons for the rejection we may be able to say whether it's worth a second go.

Ian

Hi
What monthly payment were you proposing ?
Regards

i am waiting to hear from the meeting department at clearstart for the reason from barclays and the monthly payment £157 for my partner and £67 for me

Sounds to me like it might just be on viability grounds given the relatively small payments allocated to each of you. Let us know what clearstart say.

Ian

do you think there is room for negotiation with barclays.