As far as i am aware, the iva will be rejected if not voted in favour by 75% of those with whom the majority of debt lies with. Should this happen u can apply again but may wish to modfy terms - i do defer to the experts on here tho
If it is rejected you will be back to square one. You need 75% of creditors by value who vote on the day. Anyone who does not vote will still be bound by the IVA.
You would need to speak to your IP company about options if it is rejected.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
If it is rejected they should tell you why, so that you can then address these reasons and maybe try again. With some firms this might be a little difficult as there are those who are, let's say, 'inventive' with their explanations.
If it is a total loss you then fall back on other solutions, such as debt management plans, a debt relief order, if applicable, or even bankruptcy ( which isn't as scary as people imagine ), all depending on your individual circumstances. Often a DMP is put in place to give you breathing space -- it's suitability long term will depend, again, on your individual circumstances.
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