What to do if all goes wrong??

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rockstarloz

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Post by rockstarloz » Fri Jul 04, 2008 10:01 pm
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I know I have had some great advice on this forum and one is to believe that my IVA will be successful. I want to believe this but I know that if it doesn't I need to think about what on earth I am going to do. I have an overdraft of 1500 with hsbc nd am over the limit by around 200. I have a loan of around 8000 with hsbc and around 6000 on my capital one card and 3800 on my hsbc mastercard. I have missed now 1 payment on my credit cards but have not missed a loan payment. If the IVA fails, whta re my options? Anyone had an IVA rejected and got any advice? God I am so stressed out!! HELP!!!

Thanks
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MelanieGiles

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Post by MelanieGiles » Fri Jul 04, 2008 10:06 pm
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If your IVA is not accepted by creditors, you could consider bankruptcy proceedings or enter into a DMP with creditors.

There should be no reason why an IVA is not suitable for you - but are you offering more than 40p in the £ as this is a stipulation of HSBC.
Regards, Melanie Giles, Insolvency Practitioner
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rockstarloz

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Post by rockstarloz » Fri Jul 04, 2008 10:08 pm
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Bankrupcy is not really an option because I am a home owner. I am proposing 58p/£. How straight forward are DMP's?
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Soulgrowth

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Post by Soulgrowth » Fri Jul 04, 2008 10:09 pm
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Hi rockstarloz

My advice at this stage would be not to panic (easy to say I know!) ... and take each step/day at a time.

Where are you in the process at the moment? Have you sought advice from an IP? A good IP will be able to indicate to you at quite an early stage whether an IVA would be feasible for you ... and suggest alternative options if they didn't think it would be.

Hang on in there [:)]

Debbie
Debbie
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rockstarloz

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Post by rockstarloz » Fri Jul 04, 2008 10:11 pm
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I am just waiting for my creditors meeting so fairly far on now. Thanks fr the advice. I just am having nightmares about it being rejected but I can't think of a reason it would be.
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Moneystinks

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Post by Moneystinks » Fri Jul 04, 2008 10:17 pm
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BR might not be that scary - some people get to keep hold of the house...........I have been reading the BR forum..I too will have a meeting fairly soon and when I have had a panic in case IVA doesn't get accepted I have looked into my other option to try and understand it.

I am sure you will be fine though - as will I (having a good day today) [;)]
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rockstarloz

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Post by rockstarloz » Fri Jul 04, 2008 10:33 pm
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Good luck MoneyStinks, I'll keep checking to see how you get on.

x
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jpj

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Post by jpj » Sat Jul 05, 2008 7:08 am
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Just keep thinking "what if it all goes right??" as opposed to "what if it all goes wrong??"...as it has more chance of going right than wrong!! :o)
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