IVA rejected then DMP option advice

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Johng79
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by Johng79 » Fri May 05, 2017 12:38 pm
Hi guys,

Iv got my creditor meeting in 2 weeks but just making myself fully aware of situation if it goes against me. IP company are saying they would want to put me in DMP for few months then reapply? Surely the only winner in that scenario is them charging to run the DMP? interest may or may not get froze hence possible debt increase, creditors surely less likely to agree iva then as %return would drop also. Just wondering as i imagine i would have to shell out payments id not made this month almost immediately, once meeting is over and if unsuccessful?

Has anyone had the iva rejection/ dmp suggestion, and what happened?

Thanks in advance

Everydays a school day in the IVA process
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Foggy
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by Foggy » Fri May 05, 2017 1:30 pm
Not had it happen to me, but I have, over the years, seen a few of these, where the IVA was subsequently accepted once the IP has addressed whatever might have been the problem. You will not have to immediately catch up on lost payments, but, rather, make the agreed dmp payment.
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kallis3
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by kallis3 » Fri May 05, 2017 2:04 pm
Not happened to me either. I know you are worrying but try not to dwell on the negatives. If you did have to do a DMP your IP will sort it out for you. I doubt it will happen.
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Michael Peoples
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by Michael Peoples » Fri May 05, 2017 2:12 pm
Most IVAs are accepted at the first meeting but can be adjourned for up to fourteen days to resolve any issues. If the IVA remains rejected then you could reapply or petition for bankruptcy. Personally I would wait until the outcome of the meeting before worrying about what would happen if it is rejected.
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moira717
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by moira717 » Fri May 05, 2017 3:29 pm
From what I remember you are offering quite a high return. Mine was accepted at 15%. So am sure you will be ok. I spent weeks worrying what if...... . They would get much lower return if you went bankrupt. Not long now!!
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