My wife and I have both put in for IVA's. Hers has been accepted but mine rejected.
My best option might be to go bankrupt if my creditors don't reconsider but I worry about losing my house. I have no equity in the house at the moment and can afford the mortgage payments reasonably comfortably.
I would still prefer to go into an IVA which although I would pay more back would avoid the concern over losing the house, and also out of a moral obligation to give the creditors what I feel was my best offer (53p in the pound).
Would we lose the house if my wife continued with an IVA and I went bankrupt?
I am completely new to this site and this whole IVA process, my husband and i owe approx £64 between us, however my husband owes approx £40 or that i reckon and wondered if you can think of a reason why yours was not accepted - also anyone can answer this - what are the circumstances around what would be approved and what might not be - how do they make their decisions??
As Wiganwire does not intend to enter a DMP this creditor has effectively bitten off their nose to spite their face. Wiganwire will likely pay less for a shorter period of time when he goes bankrupt and will not have to remortgage in year 5.
Calirbare. Do not worry as your IP should know which creditors have what criteria and not propose an IVA unless they are confident of acceptance.
Thanks for that - the reason i asked is because the majority of our debt is to our bank (approx £55k over 4 different accounts 2 loans, 2 cc's) out of that my hubby owes about £40 just to this one creditor. The first contact at PP did say that if this bank decline it, then we cannot do an IVA - and i just wonder how likely it is that they will decline it! I think i am just so very nervous. We had been maintaining all payments until this week (albeit by robbing peter to pay paul which got us into this mess) but now i am even more worried it may be declined!!
Roll on the next step!
we have a similar situation where one creditor could stop one of our IVA proposals, we have discussed this between us and feel if one not excepted then we would both propose to go BR and see if that swung it, but we have confidence with our IP and this probably won't arise, but if it did then we will discuss all further options with Melanie
It is most odd that the same creditor can vote to accept his wife's proposal on a joint debt, and reject his! I have never seen this happen before and wonder if the reprentatives from the other IP firms who post on the forum have?
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