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heavydebt
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by heavydebt » Sun Jan 17, 2010 3:21 pm
Is there ever a chance that an IVA is refused outright? If so, what happens? I know that an IP can suggest BR or a DMP but what if the creditors don't go for either? Has anyone come across this? I'm sorry to be so negative but would rather prepare myself for the worst. Do you get hounded by the creditors for the late payments and they cut your cards off? It's just I've never heard the worst case scenario. BR wouldn't be for us and DMP isn't set in stone is it?

 

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Cath
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by Cath » Sun Jan 17, 2010 3:25 pm
Hey heavydebt....are you currently in the process of proposing an IVA?

Yes, you will get hounded by creditors and yes they will cut off you lines of credit.

We all have felt the way you are feeling now and there is always a solution to our debt problems even if it is BR. I don't think creditors can refuse BR.

Try and remain positive xxx

 

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heavydebt
Posts: 122
by heavydebt » Sun Jan 17, 2010 3:41 pm
I know, I am usually a positive, upbeat person but this something that secretly keeps me awake at night working out figures and ways of fixing it. My husband and I are very aware that this is not an easy way out of our problems and is a very serious thing to do. We want to be so sure of as much as possible before we agree anything. It's quite daunting to think that it will be out of our hands once we sign the papers...

 

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Cath
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by Cath » Sun Jan 17, 2010 3:53 pm
Are you proposing an IVA at the moment?

I wouldn't say it's out of your hands once you sign the papers as all the input is yours and it is your best proposal to your creditors plus there is the ongoing relationship with your IP who will be there to help you.

Prior to our creditor meeting I even registered on the BR website to fill in the forms as I was convinced the IVA wouldn't be accepted but it was.

And even if you believe it's out of your hands once you sign the papers, you will be in a better position as you will no longer have those minimum payments to meet, which worry you to death about where the next penny is coming from.

It's surprising what you can do when you have to. I lost 3 days work due to snow but I am up to date on my bills and still have money in the bank.

Pre-IVA is a dark place but once you are there you will be fine.

 

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kallis3
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by kallis3 » Sun Jan 17, 2010 4:07 pm
I believe that once you have a creditors meeting set up, you have to go through with it, but it is up to you whether or not you accept any modifications that arise from it.

As to bankruptcy, if that is the road you choose, there is nothing the creditors can do about it. You go to court, are declared BR and that is that - debts are written off and you just have to sort out whether or not you need to make any payments.

As to a DMP, you are best using a company to sort this out for you.

 

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MelanieGiles
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by MelanieGiles » Sun Jan 17, 2010 4:33 pm
Creditors have no say on whether you get a bankruptcy order or not, and are unlikely to turn down a DMP offer if they have already rejected an IVA. The vast majority of IVAs proposed these days are accepted, so have faith in the IP you have chosen to represent you in the knowledge that they would not have taken your case on if they felt the outcome would be doubtful.

 

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heavydebt
Posts: 122
by heavydebt » Sun Jan 17, 2010 8:21 pm
Thanks for the responses everyone. I need to remember a lot of people, like yourselves, have been there and I won't be the only person missing payments for the next couple of months. I am only a faceless number to the call centres who have the rubbish task of chasing payments.

Thanks again.

 

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kallis3
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by kallis3 » Sun Jan 17, 2010 10:55 pm
The people employed by the call centres choose to do this, and they are trying to earn as much money as they can and will try to bully and intimidate.

There was a documentary on Channel 4 last year about such call centres and I was disgusted with what I saw.

Don't let them get to you.
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