What happens if my IVA does not get approved ?

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lorraine751
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by lorraine751 » Tue Oct 24, 2017 6:53 pm
I had my meeting with the creditors today when will I know if its been approved. What happens if it does not get approved.
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Foggy
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by Foggy » Tue Oct 24, 2017 7:10 pm
You should have been told the outcome soon after the meeting -- phone them in the morning and ask. What happens depends on the reasons for rejection, if it is rejected.
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kallis3
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by kallis3 » Tue Oct 24, 2017 9:20 pm
Fingers crossed it was ok.
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Lisa Thomas
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by Lisa Thomas » Wed Oct 25, 2017 8:12 am
Your IP should have run through this with you and it should be in your paperwork. If it is not approved due to lack of votes then your IP should adjourn the meeting to allow more time to get votes in. If it is rejected you are back to square one again and most likely facing Bankruptcy.
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kallis3
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by kallis3 » Wed Oct 25, 2017 9:00 am
Not necessarily BR - you could do a Debt Management Plan.

Hopefully you have had good news today.
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Lisa Thomas
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by Lisa Thomas » Thu Oct 26, 2017 8:17 am
If creditors reject the IVA I suspect they will reject a DMP.
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Foggy
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by Foggy » Thu Oct 26, 2017 8:31 am
Lisa Thomas wrote:
If creditors reject the IVA I suspect they will reject a DMP.


We have had previous posters going on to a DMP while re-grouping. All depends on the individual circumstances, reasons for the initial rejection and the "size of the prize". Creditor led bankruptcy is an expensive business and there would need to be substantial equity, for instance, for them to proceed down this route. In some cases the reasons for rejection include things such as recent spending and a DMP can put that further in the past as time marches on.
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