www.iva.co.uk

Hi,
Meeting is on 31st August with creditors. What happens if only 74% agree. Will the 5 years go into 6 years with a higher monthly figure? Has anyone experienced an initial refusal from creditors but has come back with a new length of term and it's been accepted. I'm very nervous. Dept of £53k....monthly amount of £173.

Creditors will sometimes seek to mitigate a small payment amount by extending the IVA, or they could seek to increase the monthly payment by disputing some of the expenses figures. The meeting can sometimes be a bit of a negotiation.
If they refuse outright then you can look at the other solutions, such as bankruptcy or, while you regroup, a debt management plan (however this would not work in the long term as you would be paying for the rest of your life !).

Thank you for replying .

Everything crossed for a successful outcome for you .