Iva rejection

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ANNED
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by ANNED » Wed Sep 27, 2017 11:28 am
Hey all if u have ur iva rejected by one company can you try with another company or will it be rejected with every company once its rejected by one ??
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Foggy
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by Foggy » Wed Sep 27, 2017 11:33 am
ANNED wrote:
Hey all if u have ur iva rejected by one company can you try with another company or will it be rejected with every company once its rejected by one ??



It depends on the reasons for rejection, really. The current company might be able to amend the proposal to suit the creditors anyway. But, if the creditors are simply anti-IVA, which company wouldn't make much difference.
ANNED
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by ANNED » Wed Sep 27, 2017 11:49 am
Foggy wrote:
ANNED wrote:
Hey all if u have ur iva rejected by one company can you try with another company or will it be rejected with every company once its rejected by one ??



It depends on the reasons for rejection, really. The current company might be able to amend the proposal to suit the creditors anyway. But, if the creditors are simply anti-IVA, which company wouldn't make much difference.



It's just I haven't really heard anything from cf since I got my paperwork until today and the meeting that was adjourned last wk is tomorrow now. She is looking more info from me about one of my creditors which is very to see when I last used the account which was august now she's saying they might reject cause it was used not long ago but no one told me this before. So it looks like the meeting will be adjourned again ?? Plus she said that amigo has rejected and there one of my main creditors the loan I was gaurantor for as my friend has missed payments. So I'm really panicking now what the outcome will be. And in the meantime I'm missing payments cause I can't afford to pay them so I'll never be able to catch up if this is rejected. When I asked last wk who had accepted and rejected they cudnt tell me funny now they can a day before the 2nd meeting. Also how often can they adjourn the meeting ?? Sorry about the rant just so worried now that it's going to be rejected
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Foggy
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by Foggy » Wed Sep 27, 2017 11:59 am
I believe they can only adjourn once. If rejected you could try a DMP for a few months to give Very chance to calm down -- but you would still be subject to Amigo saying no.

Do you have any real obstacles to going bankrupt --- assets you need to protect, or a sensitive job ? If not, I would seriously consider bankruptcy. You might have to make payments for three years, but the creditors would all get far less -- their own fault really !
ANNED
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by ANNED » Wed Sep 27, 2017 12:27 pm
Foggy wrote:
I believe they can only adjourn once. If rejected you could try a DMP for a few months to give Very chance to calm down -- but you would still be subject to Amigo saying no.

Do you have any real obstacles to going bankrupt --- assets you need to protect, or a sensitive job ? If not, I would seriously consider bankruptcy. You might have to make payments for three years, but the creditors would all get far less -- their own fault really !



So I should know tomorrow then ?? Yes I just need all the other creditors to accept then they out weigh amigo. I just find it strange that very is asking for when I last used my account and that ?? I own my own house with a mortgage and have a car on hp so would they be affected if I had to go bankrupt ?my job should he grand I think. Also can they make u go bankrupt if the Iva is rejected ?
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by Foggy » Wed Sep 27, 2017 12:37 pm
The house might be affected in bankruptcy if there is equity to be had, the car would be safe from the OR, but the HP company might have a gripe ... so better to hang out for the IVA with everything crossed.
It is unlikely they will go for bankruptcy following a rejection, but it is still in their armoury if they wanted to use it.
ANNED
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by ANNED » Wed Sep 27, 2017 12:41 pm
Foggy wrote:
The house might be affected in bankruptcy if there is equity to be had, the car would be safe from the OR, but the HP company might have a gripe ... so better to hang out for the IVA with everything crossed.
It is unlikely they will go for bankruptcy following a rejection, but it is still in their armoury if they wanted to use it.


Can they make me go bankrupt though ?? Sorry about all the questions
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Foggy
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by Foggy » Wed Sep 27, 2017 1:16 pm
ANNED wrote:
Foggy wrote:
The house might be affected in bankruptcy if there is equity to be had, the car would be safe from the OR, but the HP company might have a gripe ... so better to hang out for the IVA with everything crossed.
It is unlikely they will go for bankruptcy following a rejection, but it is still in their armoury if they wanted to use it.


Can they make me go bankrupt though ?? Sorry about all the questions



Bottom line is that they could do, but bankruptcy is very expensive for creditors so it would be a last resort.
ANNED
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by ANNED » Wed Sep 27, 2017 1:20 pm
Foggy wrote:
ANNED wrote:
Foggy wrote:
The house might be affected in bankruptcy if there is equity to be had, the car would be safe from the OR, but the HP company might have a gripe ... so better to hang out for the IVA with everything crossed.
It is unlikely they will go for bankruptcy following a rejection, but it is still in their armoury if they wanted to use it.


Can they make me go bankrupt though ?? Sorry about all the questions



Bottom line is that they could do, but bankruptcy is very expensive for creditors so it would be a last resort.



Omg I'm really worried now. What else wud they try before bankruptcy ? Most people get accepted for iva an I really that unlucky to get rejected my nerves r wrecked. Hopefully I will know tomorrow. If it is rejected can I not just try sort it out myself ??
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kallis3
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by kallis3 » Wed Sep 27, 2017 1:28 pm
You need to try and calm down a little. I know it's easy for me to say but, as Foggy says, it is very unusual for a creditor to go for BR. In the event it is rejected, you should do a DMP just to get your thoughts together and we are all here for you.
ANNED
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by ANNED » Wed Sep 27, 2017 1:44 pm
kallis3 wrote:
You need to try and calm down a little. I know it's easy for me to say but, as Foggy says, it is very unusual for a creditor to go for BR. In the event it is rejected, you should do a DMP just to get your thoughts together and we are all here for you.


I'm trying but can't it's all I think about these days. If it does go to a dmp ( hopefully not ) is the payments usually far higher ? I also notice my bank account with my loan and overdraft has been closed and a few others I can't access now either so is that a good thing or a bad thing ? Sorry for all the questions but this is the only place I seem to get some answers. Cf takes ages to get bk or don't at all
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kallis3
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by kallis3 » Wed Sep 27, 2017 2:32 pm
Your payments shouldn't be higher - it's all about your disposable income. Creditors do close accounts once they have been informed of the IVA company. As long as you have a new bank account it should be fine.
ANNED
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by ANNED » Wed Sep 27, 2017 2:42 pm
kallis3 wrote:
Your payments shouldn't be higher - it's all about your disposable income. Creditors do close accounts once they have been informed of the IVA company. As long as you have a new bank account it should be fine.


So what is the difference between iva and dmp will I be paying it off for longer with more interest or what happens ??
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kallis3
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by kallis3 » Wed Sep 27, 2017 2:45 pm
A DMP means you will pay off all of your debt and will last longer than an IVA. No guarantee creditors will freeze interest but a lot of them do and it would give you some breathing space.
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Foggy
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by Foggy » Wed Sep 27, 2017 2:51 pm
You can read about a DMP here:

https://www.iva.co.uk/debt-management-plan

I would go to Stepchange for a DMP as they do not charge fees for this (funded by the creditors) and your creditors would see more money.

But ... let's not jump the gun.
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