www.iva.co.uk

I have applied for an IVA, what is the chance that this will be rejected? i owe between 19,000 and 28,000 to at least 4 creditors, i am very worried they wont agree to the IVA.

Hi and welcome
Your creditors will agree to an IVA if it will give them the best return on the money that they are owed considering your circumstances.
Have you actually applied or are you just thinking about it?
If you can post details of your debts and your disposible income[all income less mortgage/rent and living expenses]then I can give you a better idea.Are you homeowners ? if so can you let me know your house value and remaining mortgage/secured loan.
Regards










Andy Davie
IVA.co.uk Spokesperson and site manager
(aka Neverending)

Please check out my blog: http://andydavie.blogs.iva.co.uk

View my profile here:
http://www.iva.co.uk/andy_davie_profile.asp

Hi b8x

Creditor accpetance depends upon a number of differing factors - the main one being that you are offering a far better return than would be available in a bankruptcy or a Debt Management programme.

When entering into the IVA, do make sure that you are going to be able to maintain payments at an affordable level, and that you provide for all contingencies as well as regular expenditure.

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

Good afternoon,

For your IVA proposal to be accepted, it has to achieve votes of more than a 75% majority by value from your creditors who actually vote at the creditors meeting.

For instance, if your debts amounted to £30,000, then for IVA approval you would need £22,501 of your creditor votes, if all your creditors voted. Alternatively, if only one of your creditors voted, providing they voted favourably, this would count as 100% in favour and your IVA would be accepted.

Once an IVA is approved all creditors included in your proposal are bound by your IVA, even if they voted against your proposal.

Every situation is different and your IVA proposal will not be the same as someone else who may have similar amounts of debt as you.

What is recognised as fair and acceptable to your creditors is how much you can afford to pay, each month, into your IVA.


Kind regards,

Julia



For more information about IVAs, please visit my website:
www.supersonicsquirrel.net

Hi B8X,

Any good IP would not put forward an IVA proposal to creditors if they didn’t believe it would be accepted. As previously stated what makes an attractive offer is the creditors would receive more than they would if you were top go bankrupt or in a Debt Management plan. Your IP should be able to put your mind at rest further, alternatively if you do not have an IP as yet please have a look at the experts on this site and maybe give them a quick call.

Kind Regards

Nicola


Finebridge Ltd
22 Laud Street, Croydon, CR0 1SU
0800 180 4212
www.finebridge.co.uk