What happens if a creditor rejects IVA?

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crochet
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by crochet » Tue Feb 13, 2018 9:13 am
If one big creditor refuses to accept iva, what happens. My only real asset is car £6000 which i own outright Live with parents as their carer self employed.
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Foggy
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by Foggy » Tue Feb 13, 2018 9:30 am
You can consider other options, maybe a Debt Management Plan, depending on the debt amount or even bankruptcy if your career allows it. You might have to downsize the car for a while, but at least you will be in control, rather than waiting to see if creditors are going to pounce.
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kallis3
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by kallis3 » Tue Feb 13, 2018 9:31 am
He's a carer for his parents so BR should be ok.
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Foggy
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by Foggy » Tue Feb 13, 2018 9:35 am
kallis3 wrote:
He's a carer for his parents so BR should be ok.


Thank you Kallis -- coffee hasn't kicked in yet ! Crochet -- any reason why you have not considered BR ?
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Lisa Thomas
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by Lisa Thomas » Tue Feb 13, 2018 9:46 am
How much are your debts?

If not enough votes obtained for the proposals to be accepted (75% in value of creditors voting, to vote in favour) then you are back to square one again considering alternative options.

Here is a snapshot summary of options:

https://youtu.be/TgalT1vhn6M
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kallis3
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by kallis3 » Tue Feb 13, 2018 10:44 am
Have a chat with a few companies and take advice from that and we are always here for you.
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size5
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by size5 » Tue Feb 13, 2018 6:22 pm
Going BR with a £6k vehicle is not really the best idea if the OP wants to keep it.

If flexibility with the car exists, i.e. it can be sold and a more modest replacement obtained, then a lot will depend on the level of your debt, and whether it is over or under £20,000.

More info would be useful.

Regards.
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