what happens if my iva fails

[crg]

i have debts of around £32000 and 4 creditors, what happens if my iva fails, I have been told to stop payments but if i fail i will be in arrears which i will struggle to pay

[Oliver]

If you are eligible to propose an IVA you must be Insolvent which means that you can not afford your monthly payments so even if your proposal is rejected you are not going to be in a much worse position anyway as you will still need to come up with a solution to resolve your debt difficulty. This would likely come through either bankruptcy or an informal debt repayment plan.

Best Regards
Oliver

Thomas Charles and Co Ltd.
Experts in personal debt solutions.
Read customer feedback at: www.thomascharles.com/about_us.asp

[iva experts]

Hello crg and Welcome to the Forum,

Thomas Charles is correct, even if your IVA is rejected your total debt amount wont rise to an enormous amount.

Could you post some more information such as who your creditors are? and what your disposable income is?

Best Regards. IVA Experts

[crg]

hi my debt is as follows, just worried that i`ll get rejected

£5628 citi financial
£7425 welcome finance
£4000 welcome (2 loans from them)
£3200 morgan stanley
£6400 lloyds tsb overdraft
£4500 lloyds tsb loan
£500 capital one

i have £400 disposable income

cheers

[MelanieGiles]

Those creditors are generally supportive of IVA proposals, so keep everything crossed! In the event that you do not succeed at the creditors meeting, your other options are debt management or bankruptcy.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk

[iva_squirrel]

Good evening,

An experienced IP should be confident of getting more than 90% of IVA’s approved so this should not happen too often. In theory, you’ve made your best offer and the creditors have rejected it, so logically the creditors should then press for you to be made bankrupt as the only alternative left. In practice, they don’t, mainly because it costs a lot to make someone bankrupt. If your IVA is rejected, your other options are debt management or bankruptcy.

Kind regards,




Julia Simavi

Shortlisted with special commendation for Debt Counsellor of the Year by Credit Today Awards 2007

View my profile:
http://www.supersonicsquirrel.net/julia ... rofile.asp

Visit my website:
http://www.supersonicsquirrel.net

Credit Today Awards 2007 http://www.credittoday.co.uk/awards/winners.htm