what happens if the IVA is not accepted

[honeybunny]

I have not yet started an IVA but looking to do so as I am at the end of my tether and it is making me ill. I wandered what happens if your IVA application gets rejected what do you do then?

[debbiw]

Hi Honeybunny and welcome to the forum
If an IVA is rejected, then there are other options, a DMP, or bankruptcy, it depends what your circumstances are.

[OPTIMIST12]

Hi honeybunny -

An I.P. will not put your proposal forward unless there is a reasonable chance of success. The sooner you approach someone the sooner you will know if an IVA will be viable.

Like debbiew says - if an IVA is not for you then there are other options.

The one certainty is that debt will not go away on its own.

Please contact a professional asap - and Good Luck!!!!

[honeybunny]

Thanks

I have nearly enough equity in my house to repay debts but I can not afford to get another mortgage for the full amount I owe as I am struggling to pay the mortgage I have.

[OPTIMIST12]

Hi -

There are a number of Mortgage experts who give advice on this forum - please hang on as I am sure they will give advice later today.

[honeybunny]

I am glad I found this place as at the moment I need support as I have not told my hubby yet that I have put our house & future at risk. Panic attacks & dark thought keep creeping in which is very unlike me as I am such a positive person usually.

[OPTIMIST12]

Hi -

Whats done is done - there is no point dwelling on the past.

At the beginning of 2007 I thought I had no way out of my debt problems and was totally depressed - now at the end of 2007 I have embarked on an IVA and am going to try my damndest to see the 60 months through!!!

Please ignore those dark thoughts - there are are thousands and thousands of people in the same boat as you and me and there WILL be a solution for you.

[debbiw]

Honeybunny - does your husband not know of your debts?

[honeybunny]

No I am working out how to tell him

[debbiw]

Hi Honeybunny, I was in the same situation of you last week, and my husband knew nothing of the £36k debt i had run up. Having had fantastic support from this forum, i broke down and told him last week, and he was superb. He couldnt believe that i had been so stupid, but said he loved me and he would help me repay it. I urge you to speak to your husband, i think you will be surprised how ell he will handle it. Before i told my husband, I couldn't eat or sleep for weeks of worrying, and now i have told him, it is such a weight off my mind.

[iva experts]

Welcome to the Forum Honeybunny,

If your IVA is rejected at creditors meeting you are technically back to square one with your solutions. You could either go bankrupt or on a DMP, you could even propose another IVA if you had valid reasons to.

An IVA usually runs for 5 years, carefully consider telling your husband, as this is a long time to go without his support and encouragement.

Best Regards,
IVA Experts
http://www.iva-experts.co.uk/

[Adam Davies]

Hi
What is the total of your debts ? and what is your share of the house equity ?
regards

Andy Davie
IVA.co.uk Spokesperson and Website Manager

About me:
http://www.iva.co.uk/andy_davie_profile.asp

IVA Helpline: 0800 197 4838
http://www.iva.co.uk/iva_helpline.asp

[MelanieGiles]

If you have assets of almost as much as you owe to creditors, and are going to be offering a contributions based IVA with an equity release at the end, then it is likely that you will be offering 100p in the £, and some creditors do not like these types of arrangement. Take advice from your IP, but if you cannot afford to take out a higher mortgage, how are you going to afford ongoing payments into an IVA? Have you spoken to a mortgage broker with experience of this type of lending - there are some good ones who post on this site - to see if anything is possible?

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

To have me propose an IVA for you, please visit:
http://www.melaniegiles.com/ivaEnquiry.asp

See customer feedback at:
http://www.iva.com/iva_companies/IVA_Advice_Bureau.asp

[honeybunny]

My share of the house equity is 100K & I owe 130k. Is it possible to offer a payment & put the house on the market agreeing to pay them when it sells?Can they put the interest on hold.

My husband does not owe anything can they touch his half of the house?

If I keep up all of the repayments on the mortgage can the credit card & loans companies if they are all unsecured, bankrupt you if you are offering them paymant as soon as the house sells.

Thanks for all your help here.

[debbiw]

Hi Honeybunny, I have opted for an IVA, and they can only take into consideration my share of the equity in the house. My husband has no debt.