Hi Zoe
Well this means that your IVA will not be accepted and you can therefore do any of the following:-
1 Represent the IVA. This should only be done if there are major changes to make, to make it appear more attractive for creditors. Creditors generally do not like represented proposals, so ensure that your chosen IP is confident of success before you try this.
2 Declare yourself bankrupt. This involves an application in your local County Court at a cost of £480.
3 Enter into a debt management programme. You can either do this yourself or appoint a debt management company to act on your behalf. If you choose the latter, they will charge a fee out of your contributions, and therefore the overall repayment period will be proportionally extended.
4 Do nothing, but wait to see what actions the creditors take. I would not recommend this to anyone, as it generally just makes your debt problems worsen.
But think positively. In my practice we get over 98% of our IVA proposals accepted, so the odds are in your favour!
Regards, Melanie Giles, Insolvency Practitioner for over 20 years.
View my IVA blog at:
http://melaniegiles.blogs.iva.co.uk