Meeting is on 31st August with creditors. What happens if only 74% agree. Will the 5 years go into 6 years with a higher monthly figure? Has anyone experienced an initial refusal from creditors but has come back with a new length of term and it's been accepted. I'm very nervous. Dept of £53k....monthly amount of £173.
Creditors will sometimes seek to mitigate a small payment amount by extending the IVA, or they could seek to increase the monthly payment by disputing some of the expenses figures. The meeting can sometimes be a bit of a negotiation.
If they refuse outright then you can look at the other solutions, such as bankruptcy or, while you regroup, a debt management plan (however this would not work in the long term as you would be paying for the rest of your life !).
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014 http://foggy.blogs.iva.co.uk