Why would an IVA be turned down...

[Helpme27]

Hi

Just wondering what the criteria would be for an IVA being refused?

Is there anything I can to help prevent mine from being refused?

Thanks

[Adam Davies]

Hi
There is in reality no critera as no two IVA proposals are the same. Sometimes creditors may prefer a Debt Mnagement Plan over an IVA as they will recover all their money.
Just give your IP all the information that they request, holding nothing back, and if they are happy to propose our IVA then you are in with a very strong chance.
If your proposal is Protocol compliant then creditors should give a valid reason for rejection
Regards

[Michael Peoples]

In addition to what Andy says there are some creditors who have specific reasons for rejection such as recent or prolific spending and gambling. HMRC do not support IVAs where there is a history of non compliance or where a client has continuously not submitted returns. They can understand people getting into difficulties and not being able to pay but there is no real excuse for not being able to complete a form and return it.

[MelanieGiles]

MBNA don't accept IVAs where the applicant could pay all of their debts in full within 10 years. Lloyds TSB do not accept IVAs where they are owed more than 75% of the aggregate debts.

[David Mond]

Subject of course to interest being waived by all creditors and not just MBNA - anyway I think 10 years is slavery and too long.

[sparklywatcher]

well lloyds had 69% of my debt so lets hope my IVA just sneaks in under the radar xx

[ivas4us]

sparklywatcher Lloyds had over 50% of mine and still voted yes.

[sparklywatcher]

lets hope they say yes to me as well xx

[ivas4us]

I am sure they will. Volkswagen are cheesing me off they have had the car back, didn't vote in the iva entered a county court judgement and i have had a letter this morning saying the bailiffs are coming.

[sparklywatcher]

that is really bad, still if you send a copy of your IVA to the court and them (recorded) it should hopefully solve the problem?

[kallis3]

It's very bad.

I would do as Julie suggests - it worked for her.

Just in case bailiffs do turn up (hopefully they won't), have a read of this as it tells you what they can and can't do.

http://www.direct.gov.uk/en/MoneyTaxAnd ... G_10034289

[David Mond]

I am sure they will. Volkswagen are cheesing me off they have had the car back, didn't vote in the iva entered a county court judgement and i have had a letter this morning saying the bailiffs are coming.

See my response here:

http://www.iva.co.uk/forum/topic.asp?wh ... 792#197628

[ivas4us]

thanks David.

[sparklywatcher]

any news on the VW leasing problem ivas4us?

[ivas4us]

I have emailed David with a copy of the ccj and awaiting a reply. VW started off a really bad weekend for me. They have been a bit naughty because at the start I asked if I could sell the car and offer to pay the difference which they refused. I gave them the car back and they still want another £6,000 and it was a polo not a ferrari. I have tried to be fair with them all along but they just gone straight to ccj. I had been paying £92 a month after they had the car back as well. A disc has moved in my back and is trapping a nerve which is really painful. I have upset people as well which I never mean to do as life is too short.