www.iva.co.uk

If a full and final is rejected are there room for negotiations after, ie, try adding anymore on or another so many payments or is that it rejected, game over, continue as you were. Also if it is rejected is there anything to stop the same people making another offer at a later date?

Hi,

I think you can try and make another offer, but the one you originally make should be the best you can do.

You can carry on with your IVA as it is and then try again later if you can.

You can adjourn the variation and come back with an amended offer whether extra cash, lower payments, an extension etc. Even if still rejected the IVA does not automatically fail and you can propose another variation in the future.

Thank you I just wondered in case the offer didn't go through then if we can somehow keep paying the IVA, not sure how then we could offer again in 6 months or something. I think we would be better off to go bankrupt though if they reject the offer. The equity in the house is less than the offer my parents have put in so they would buy the beneficial interest instead and my husbands job would be secure in bankruptcy. The only down side would be an extra 18 months with a poor credit rating and having to go through filing for bankruptcy.

You would actually have an extra six years with a poor credit rating if you went bankrupt as the time starts again.

The rules for buying the BI have changed as well with the OR normally hanging on to the house for up to to 2 years and 3 months in case the equity goes up and you may end up having to pay an IPA for three years.