What if my IVA is not accepted?

[Lauren1995]

Im worried about declined Iva, the debt I owe are 14k to natwest,credit cards 2k( capitol one and amazon card). about 4k in Barclay finance. when I applied for an Iva I thought it was to good to be true. I don't know how accepting these creditors are. its 12.80p/£. paying £104 monthly for 5 years. my meeting date is 23rd of July. what do I do about the bills upcoming. plus I have opened a new bank account. just worried I'm not getting accepting if I get accepted it would be amazing and I can live again and sleep.

[Hultonlady19]

Hi

I am the same - but £50k in debt. Meeting is tomorrow and I’m worried it won’t be accepted as my main ones are a credit union and everyday loans who do not often agree to ivas. Yours are the main lenders from the sound of it who I believe are quite good at accepting ivas. You have a choice in relation to your bills till the meeting, I rang some and told them what was happening and they froze my accounts for 60 days pending the outcome of the meeting - NatWest sent me a letter saying my account will run as normal until the decision is made and if it’s a yes they will no longer be able to leave my account open due to my overdraft and obviously will be paid via the iva hey said if it’s a no they will contact with what will happen next mbna froze me out of my account and haven’t took the direct debit I already had still active so no doubt they will sell the debt on regardless of the outcome as they haven’t rang or written to me so I’m guessing they just want rid - barclays, capital one and marbles have left my accounts as normal and I am up to date until after the decision so hopefully if it’s a yes I will cancel my direct debits if it’s a no I will be making minimum payments till I decide what to do. You have to have a plan B in case it’s a no - so up to you whether you miss payments and default or keep things the same until after the meeting if you can afford it

[abbiesmum2003]

If you have a good offer and been through your expenditure well and the amount to pay is fair you stand a good chance of accepting.
We all had these feelings.
Its hard work but very much worth it if you know and understand your responsibilities during an IVA.
Your IP shoukdnt have put offer through if didnt think it was good chance of acceptance.

As for bills....move your income and any expenditure (council tax, gas, water etc) that will continue after the IVA into new bank account.
Leave credit cards etc linked to old account.
it will blow them out but it wont matter.
Save any extra money from the unpaid credit cards.
Best of luck.