What if some of my creditors refuse to accept my I.V.A.
If I were giving you the go ahead to start an I.V.A. for me, as soon as you start proceedings would I have to still go on paying my normal instalments until proceedings got underway.
Have you spoken to a few companies about IVA ? - if NOT use the links on here find out all you can about them (companies and IVAs).
They have interlocking IVA.
Usually once you know your are going down the IVA - you can either make token payment (or none at all) you will start to get the phone calls letter and legal threats(all part of this stage)
The IVA company wont put an offer of IVA forward unless there is a sure chance of success (they dont get paid) - sometimes the creditors want the proposal tweaked before they will accept it.
Oh and start to look at your options for a unrelated bank account - but Not HSBC/First Direct as they will close accounts once in an IVA.
Welcome to the forum - once you have decided to go for an IVA you will be advised to cease making payments to creditors during the set up time.
The money you save at this stage can be put in a pot as a contingency to start your IVA off with. Your creditors will be informed of the intention and at this stage they should stop to contact you.
On the day of your creditors meeting 75% of those creditors who vote need to be in agreement of your IVA for it to go ahead. Where you do not have 75% of the vote then your chosen IP may suspend the meeting to give them some time to discuss the proposal with creditors to encourage approval.
Creditors who do not take the time to vote are included in the outcome and have to remain compliant to the decision.
Sharing from experiences of dealing with debt
There is a solution for everyone .... Just need to stay positive !
There is no such thing as a joint IVA, but if husband and wife could not viably propose individual offers in their own right then their separate IVAs cam interlock with the effect that they make one monthly payment jointly and both sets of creditors share from the same equal dividend.
You don't need to make ongoing payments to creditors whilst the IVA is being prepared by the insolvency practitioner you choose to represent you, but some people prefer to in which case they must be made on a pro-rate basis in line with your disposable income.
If the IVA is not ultimately accepted, you still have the option of bankruptcy proceedings or a debt management plan.
