Proposal

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ANNED
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by ANNED » Wed Sep 13, 2017 7:00 pm
Hey all have just recieved my proposal paperwork all seems ok. It's 38.12 in the pound which seems ok to ?? just want to query If the proposal is rejected for the iva can they make u bankrupt ? Or what will happen if it is rejected ??
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Foggy
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by Foggy » Wed Sep 13, 2017 7:09 pm
If it is rejected your IP will find out why and might be able to re-work the IVA proposal to accomodate the issue. If totally off the table you could go onto a debt management plan whilst looking at options. It isn't likely for creditors to make you bankrupt for modest debts as it is a very expensive process for them and they get very little return.
ANNED
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by ANNED » Wed Sep 13, 2017 7:26 pm
Foggy wrote:
If it is rejected your IP will find out why and might be able to re-work the IVA proposal to accomodate the issue. If totally off the table you could go onto a debt management plan whilst looking at options. It isn't likely for creditors to make you bankrupt for modest debts as it is a very expensive process for them and they get very little return.


Ok it's just there was a few mentions of bankruptcy and I was panicking then incase they cud make me bankrupt. So fingers crossed now it gets accepted.
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luluj
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by luluj » Thu Sep 14, 2017 12:22 am
It seems a good offer and you need to bear in mind your chosen IP would not be proposing something they did not believe was achievable
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kallis3
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by kallis3 » Thu Sep 14, 2017 7:39 am
It is unlikely you would be made bankrupt. If it comes to it you could always do PlanB - debt management plan but I doubt it will come to that.
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Lisa Thomas
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by Lisa Thomas » Thu Sep 14, 2017 9:05 am
I'm afraid you are at risk of Bankruptcy if the IVA is rejected.

Your IP should have explained all this to you and it should be in writing as part of their initial letter and as part of your proposals!
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Foggy
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by Foggy » Thu Sep 14, 2017 10:12 am
Lisa Thomas wrote:
I'm afraid you are at risk of Bankruptcy if the IVA is rejected.

Your IP should have explained all this to you and it should be in writing as part of their initial letter and as part of your proposals!



There is always a risk of bankruptcy without the protection of an IVA, or similar. Just as there is always a risk of space debris dropping on our heads! However this rarely happens and would be a last resort in most cases.

Might I ask why bankruptcy worries you ? Do you own a house with a lot of equity ? Would it impact your career ?
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