What happens if IVA not accepted ?

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surfingruthie53

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Post by surfingruthie53 » Tue Aug 17, 2021 3:31 pm
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Hi,
Meeting is on 31st August with creditors. What happens if only 74% agree. Will the 5 years go into 6 years with a higher monthly figure? Has anyone experienced an initial refusal from creditors but has come back with a new length of term and it's been accepted. I'm very nervous. Dept of £53k....monthly amount of £173.
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Foggy

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Post by Foggy » Tue Aug 17, 2021 4:29 pm
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Creditors will sometimes seek to mitigate a small payment amount by extending the IVA, or they could seek to increase the monthly payment by disputing some of the expenses figures. The meeting can sometimes be a bit of a negotiation.
If they refuse outright then you can look at the other solutions, such as bankruptcy or, while you regroup, a debt management plan (however this would not work in the long term as you would be paying for the rest of your life !).
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
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surfingruthie53

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Post by surfingruthie53 » Mon Aug 23, 2021 10:43 pm
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Thank you for replying .
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luluj

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Post by luluj » Tue Aug 24, 2021 1:39 am
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Everything crossed for a successful outcome for you .
Sharing from experiences of dealing with debt

There is a solution for everyone .... Just need to stay positive !

Look at my blog "All I wanted was a baby"
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