www.iva.co.uk

Hi all,

Well I feel like banging my head against a brick wall!
My IVA proposal was rejected a couple of months ago by Nram (who were my biggest creditor)because they said I could repay ALL of my debt in 8 years on a debt management plan.
SO I begin that journey....
Now I find that two of my creditors who accepted the IVA have refused my offer in DMP which is the same amount of disposable income (minus fee,s) as in the IVA because I am with Bright Oak and not a charity!!!

What action can they take?
I really don't want a CCJ..

Maybe I am best increasing my offer to what they are asking for??

How much in the pound was you offering in the IVA?

Hi
I think it was 53p in the pound.

I am worried as mine is 82p, 52p is still relatively low. I have heard Northern Rock are a nightmare.

Both of those are high dividends I'd have said. I think ours was 26p which ended up at 37p after addition funds and a F&F settlement.

If your DMP is rejected then pay them nothing. The banks will then sell the debt to someone who will take the money or just go bankrupt. NRAM can be difficult and they have a 'matrix' which decides how they vote. It is just a pity they did not use the same 'matrix' in the past and taxpayers would not be out billions baling them out!

High dividends do not make for good IVAs.

Hi fiveyearstogo,

For starters, if you do go the DMP route - even if as a temporary measure, then go with one of the debt charities (eg: Stepchange). They will not charge you a fee (they get typically 11% back from the creditors who fund them).

I also suggest you have a chat with a couple of other IVA firms. A few very well-regarded ones post regularly on this forum. It may be that another IP will be more successful in proposing a viable IVA. Check out some reviews on iva.com

Good luck.

I would just stick to your guns and pay them what your propose, as long as your disposable income is divided up pro data to each and every one of your creditors fairly then whether they reject your payments or not is irrelevant, pay them the sum anyway, no judge would grant a ccj when you are paying what you CAN afford, they only grant them when people don't pay anything at all so the threats of taking you to court are a load of baloney, they will probably still sell your debt on anyway which is a good thing as you can usually get your debt significantly reduced with a DcA and paid off quicker than you can when it still remains with the original creditor