If I don't agree to IVA extension, will it fail?

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lisa711

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Post by lisa711 » Tue Feb 25, 2020 3:16 pm
Hi I am currently 10 months into my IVA with Freeman Jones.
About 4 months ago I rang them as I had forgotten to include one of my debts. I was told that as long as the debt was before the IVA started it would be added into the IVA.
However I have had a telephone call today to say the that the company has rejected the proposal. Freeman Jones have asked me to extend my IVA past the six years that I hoped would clear the IVA.
If I don't agree to an extension my IVA could fail?

Foggy

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Post by Foggy » Tue Feb 25, 2020 3:28 pm
I am assuming that the extension is because the dividend is now too low for the new creditor to accept and a higher one might persuade them (and also that they have the voting clout to swing the result). Refusal could see the IVA fail and you might find yourself back to square one.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
http://foggy.blogs.iva.co.uk

Lisa Thomas

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Post by Lisa Thomas » Tue Feb 25, 2020 4:04 pm
Did your proposal promise a minimum dividend?
I'm a licensed IP with 16+ yrs at Neville & Co covering the South West area. I have a YouTube channel with advisory videos on here: https://www.youtube.com/channel/UCMPTTu ... Z5k9ZcC2MA http://www.nevilleco.co.uk 01752 786800 Lisa@nevilleco.co.uk

Financial Wellness

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Post by Financial Wellness » Wed Feb 26, 2020 1:47 pm
Hi Lisa711

Thanks for the post. I am one of the team here at Freeman Jones. I am sorry, it doesn't look like we've done a good job of communicating with you. Please drop an email to me via ian.williams at FreemanJones.com and I'll ensure that we give you a proper explantion of the options and next steps.

Thank you,



Ian
A member of the team at Financial Wellness Group (Formerly Freeman Jones ) - www.financialwellnessgroup.co.uk
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