what do creditors do if they dont accept iva ?

[depressed]

hello everybody ,
i was just wondering how do creditors proceed is they don't accept your iva proposal do they just make you bankrupt or do they take you to court and arrange a ccj against you ? and then you have to stick to the ccj.
if you do get ccjs is the interest stopped ?
i'm offering everything i have in my iva lump sum ,i can't see that they could possibly get anything out of going down any other route than accepting my offer ,i only receive benefits for my children and the cars not worth much .Our main asset i.e the house is been offered in full .
what would happen if they came back to me after my proposal has been put forward and they said they wanted cash every month as well but i can't afford that and i had to reject the iva on that basis ? could i make myself bankrupt?

[depressed]

also i forgot this part ,what on earth would i do with the cash from the sale of our home ,if they rejected the offer ????

[MelanieGiles]

In the unlikely event that creditors do not accept your offer, then they have a number of options available to them such as obtaining a CCJ and then having the Courts determine how much you should pay, making you bankrupt or accepting an offer of settlement from you directly.

If an IVA is rejected, and you have money available to offer to creditors, I would suggest you contact a DMP company - either one of the charities or a fee paying company to see if they can help you make an offer of settlement. Failing that, declare yourself bankrupt and let the Official Reciever deal with the money.