www.iva.co.uk

I have posted just once before but finally went through with attempting my IVA in the last few weeks...I'm struggling to be remotely optimistic about it but everything was submitted today and the Creditor's meeting is on 07.01.21...

Nothing I do can make me stop being convinced it simply won't work, I feel like I should offer more or be able to do more to pay more somehow but it seems this is it. My debt is 80% in favour of the HMRC which is my biggest fear as I know they are not always likely to accept and if they don't...it's bankruptcy isn't it?

Do many IVAs fail without the opportunity to renegotiate? I am worried beyond belief. Thank you.

First - bankruptcy isn't the default position if the IVA is rejected. The fees payable in BR are much higher than those they would have to part with in an IVA and, unless you have significant assets, they would get less by making you bankrupt.
Depending on the reasons creditors cite when refusing an IVA there could be room to counter any objection and come back to try again.
You can only offer what you can afford to pay, as calculated by your disposable income. Trying to 'overpay' is likely to doom the arrangement to failure before it starts and is not advisable.

Thanks for your reply.

The guy I was speaking to about my IVA said that if the IVA doesn't work (and he considered it "high risk" due to the significant HMRC debt) then bankruptcy is basically my only option...you would think that they'd accept the IVA on the basis that I have nothing to give in BR but it's still hard to be optimistic...

As I'm self-employed my income does go up and down quite significantly so I imagine I'll end up paying extra many months but I guess that is something to worry about IF I get there.

Thanks again for your reply.

I do hope this works for you - would BR be a problem if it was rejected?

Hi kallis3,

Thanks for your reply.
My big worry is my vehicle...the company I have the HP from seem to have a reputation (from googling) of wanting the vehicle back if I were to go bankrupt - even though it is worth less than 50% of what I owe them.
I have been advised it'd not be something the BR would be interested in but we cannot live without the car...four of my children go to two different schools 20 minutes drive away so if I lose it, there's no alternative solution to that. There's also the fact if I lose it, then everyone I know (family etc) finds out and I can't cope with even the idea of that...

Bankruptcy is probably a "better" solution for me, if anyone can say that, if it wasn't for the car situation...I'm trying not to panic too much if this become reality...

I wish I had a crystal ball...

I should also add I really do want to pay back as much as possible - I owe the money and really want to give it back.

It's easy for me to say try not to worry.... your IVA should not have been proposed unless your chosen IP was confident it exult ge accepted.
With the festive break ahead of us, plan some days with the family and keep busy ... Nice long walks, trips to the local parks ... take a winters picnic to save money buying things when out ... it will soon be the 7th January and hopefully you will be approved and able to move on.

Thank you luluj - logically I know this but it's nice to see written down!

The IP seem to have a good reputation on here and generally so I hope so, I'm working 60+ hours a week and it's getting me nowhere so hopefully this is a chance to repair/find a way out of this mess!

Have a lovely Christmastime and thank you for your message.

Fingers crossed that it all goes your way.

Thank you

Bee900 your welcome. It's out of your hands right now. Your creditors meeting is set, so focus on the next couple of weeks and make some memories with friends and family.

Heya again - so I've just spoken to the guys handling my IVA and it has been accepted - I can't believe it. The HMRC did not vote, which seems like madness, but now it's accepted - there's nothing they can do right?!

Excellent news ... well done.

HMRC's only defence would be that they were not informed correctly --- which is unlikely with an experienced firm handling the arrangement. Now that the IVA has been accepted they will be bound regardless.

Excellent news - really pleased for you.

Chances are with the timing, peak leave for Christmas and staff off with covid, HMRC wouldn't have seen the letter / email from the IVA firm in time to deal with it which may have gone in your favour from what I read about them.

Welcome to the journey, I hope it goes smoothly for you and believe me the time flies. I just paid my 48th payment, 12 left to go. Never been so excited about seeing a direct debit going out as that one because the countdown has really started for me now.