Hi again
There can be many reasons why an IVA can be turned down by creditors, so I thought I would give you some tips for success instead:-
1 Find an IP who is experienced in dealing with consumer debt based IVA's, has a good relationship with the creditors and a success rate at getting proposals through creditors meetings.
2 Take a second or third opinion, just to take the best of the advice available before you choose.
3 Make sure that you include all creditors within the arrangement - don't try and leave anyone outside including friends and family.
4 Make full disclosure of all of your assets to the IP.
5 Get a professional valuation of your property if you own one, or provide a copy of your rental agreement to the IP.
6 Ensure that your income is based upon a basic salary only - overtimem, commissions and bonuses should not be relied upon as part of basic income.
7 List out all of your household expediture and ensure that you provide for contingencies such as house and car maintenance, medical expenses and miscellaneous items.
8 Ensure that you feel the payments suggested by the IP (based upon your information) are affordable.
9 You will need to be offering a dividend of at least 25p in the £ to guarantee success, and potentially more if you have debts with HSBC or Northern Rock.
Hope these points help you to make the correct decision, and do make sure that you consider the other options of debt management and bankruptcy as well.
Regards, Melanie Giles, Insolvency Practitioner for over 20 years.
For further details contact me at
http://www.melaniegiles.com and view my IVA blog at:
http://melaniegiles.blogs.iva.co.uk