in the last 12 months myself and my wife have had a bout of bad luck in our curcimstances, this started with a sharp downturn in my income, before this we was able to maintain our debt repayments, then my wife had to give up work due to ill health but afew months ago she managed to start up her own small business which covered the loss in income but still left her short but projections would of shown a increase in income in the next 6 months,
over the last few months we tried to get a re-mortgage to cover our debts but that did'nt work out.
So we then decided to seek help as we knew we was in trouble, so we got in contact with a debt company who when we submitted our details advised that a IVA would be most suitable.
Today the creditors had a meeting with our IP all but one of our creditors agreed to the IVA but sadly one didnt which was one of the large amounts so was less than 75%, so when I was informed of this I was in shock. So I am worried to death about what to do next or what the debt advisors will say what to do next.
The creditor who rejected originally provide a loan bigger than we actually wanted and felt pressured into it and looking back I am not 100% convinced the affordability checks where done correctly as we originally just needed £2000 to get the car fixed but when we left another £4000 was added for debt consolidation
The next move depends on the total amount of debt and the make up of that debt and your IP should be able to discuss that with you, knowing the full picture.
Ask the IP exactly why the creditor refused -- it might be possible to amend the proposal to get an acceptance.
If the debts are under £20k and other conditions are met a DRO might be possible, or even bankruptcy if you do not meet the qualifying conditions (If you are not a home owner, in both cases ). Failing that a debt management plan, for which I would suggest going to Payplan or Stepchange, as they do not charge direct fees on DMPs, being funded by the banks for this purpose.
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
I think they are homeowners as they have tried to remortgage and couldn't.
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