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New start

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Post by New start » Thu Jun 10, 2010 8:36 pm

I am new here and as i said i am scared.

We have had an appointment and they have put an iva proposal together for us. The paperwork all arrived today and to be honest we are both freaking out.

It is just hitting home what we are undertaking. Our main priority is our home. We read in the pack that if the if the creditors do not accept our application that they can force us into bankrupsy, is this right, does this ever happen.

Please can someone answer soon because this it just so hard at the moment.

Many thanks


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Post by Shining » Thu Jun 10, 2010 8:39 pm
Hi and welcome to the forum.

Have you taken the advice of 2 or 3 IP's prior to signing any paperwork. A good IP will always talk through all your queries and options with you and give you impartial advice.

If your IVA isn't accepted normally you'd be back to square one to sort out your debts by DMP or Bankruptcy.

All the best. x
IVA final payment left the bank on the 26th January 2013...looking forward to a debt free future.


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Post by artemischild » Thu Jun 10, 2010 8:40 pm
Hay New Start

first things first try not to freak out, i understand its hard not too and everyone on this site has been in the same positiion your in right now.

Only a mjority of your creditors have to agree to the IVA, those then that havnt and are in the minority have to sign up to it, so it all depends who your main debts are with etc

Your IP will guide you throught all this process so you wont be alone and if you have any questions then pick up the phone and speak to them, they are there for you! Also this forum is a great source of knowledge and many IP's also use this site and offer free and great advice all the time!

and dont forget, youve made the first steps on the raod to getting things sorted!

Best wishes
IVA completion and certificate received 08/10/2012!!!


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Post by kallis3 » Thu Jun 10, 2010 8:48 pm
Welcome from me as well.

To get an IVA accepted, you will need 75& of the creditors (by value) who vote on the day, to accept the IVA. If this happens, anyone who votes no or doesn't vote, is bound by the IVA.

As Lesley says, speak to one or two IP's. Visit for a list of companies and reviews.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley.


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Post by MelanieGiles » Thu Jun 10, 2010 10:09 pm
I don't think that you should be finding out about important things like the treatment of your home by reading from a pack! You should either meet your IP personally - or at least have a very detailed chat with them on the telephone before proceeding to sign up to an agreement that you may not have fully understood.

If you cannot get good sensible advice from the horse's mouth, then I would be inclined to look elsewhere to be frank.
Regards, Melanie Giles, Insolvency Practitioner
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