What could creditors do if IVA is rejected ?

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DaveWD

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Post by DaveWD » Tue Jul 09, 2013 6:29 am
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As the creditors will know when I apply for an IVA, what could (potentially) these creditors do if the IVA is rejected?
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Kelly O

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Post by Kelly O » Tue Jul 09, 2013 7:11 am
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Hi Dave and welcome to the forum,

If an IVA is rejected by creditors, they will continue with collections activity which could include legal action.

If your IVA was rejected you could consider bankruptcy, or going into a temporary DMP then proposing another IVA when you are ready
Regards Kelly Osadare Debt Advice Manager at www.pjgrecovery.com (host to www.melaniegiles.com.)

PJG Recovery have a free online advice channel at www.debtadvicetv.com. If you are ready to ask us for specific advice or help, then get in touch at www.pjgrecovery.com/contact-us.asp . I look forward to speaking to you.
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MelanieGiles

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Post by MelanieGiles » Wed Jul 10, 2013 12:21 am
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And any one of your creditors owed more than £750 could also petition for your bankruptcy as well.
Regards, Melanie Giles, Insolvency Practitioner
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Christopher.ly

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Post by Christopher.ly » Wed Jul 10, 2013 9:59 am
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What would be the reason for creditors to reject an IVA
C J Bailey
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ClareSilver

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Post by ClareSilver » Wed Jul 10, 2013 10:46 am
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If creditors feel that you could repay your debts in full or they don't agree with your income and expenditure, they can reject or ask for modifications to your proposal.
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MelanieGiles

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Post by MelanieGiles » Wed Jul 10, 2013 12:01 pm
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Creditors can reject for a vast number of reasons, but in my experience this generally happens if they feel the debtor has had a poor record of compliance, or has not fully disclosed their full financial position.
Regards, Melanie Giles, Insolvency Practitioner
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