Full and final query.

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nuttymarbles
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by nuttymarbles » Thu Mar 29, 2018 2:55 pm
I have my variation telephone call next week, and then the creditors are being called for a meeting after 28 days,so hoping the start of May time! I just have a query, I am currently on a payment break for April, May and June, at the authorization of my Ip, so my account won't show as defaulted when they make the proposal, if for any reason they should reject the offer, is it likely they would protest for bankruptcy? or would my iva just carry on as normal? im just so worried about it all, thank you.
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Foggy
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by Foggy » Thu Mar 29, 2018 3:24 pm
Unless the variation states other options, or is being proposed because the IVA cannot otherwise continue, the usual course in the event of a rejection is that it continues as already agreed. Creditors do not arbitrarily petition for bankruptcy as this usually gets them very little return, unless you have very high equity or other assets, compared to letting the IVA run. The agreed payment break should not be looked on adversely.
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luluj
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by luluj » Fri Mar 30, 2018 5:05 am
Agree with foggy - your iva should continue if your variation is declined by creditors. Unusual for it to be forced into bankruptcy.
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