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?
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.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
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.
Just to confirm as well that it is 75% of creditors by value who vote on the day.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
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.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
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!!
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.
I think that is what myself and Foggy had already said Lisa.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
