turned down for IVA

annelise29

I am currently on a debt repayment plan that doesn't seem to be going anywhere i originally owed 28,000 this time last year and now owe £34,000 even though i have been paying into this plan. I applied for an iva but was turned down. I feel really lost and don't know what to do feel like i am going to be paying this off forever

RAS

annelise

Who is your Debt repayment plan with? Is it one of the debt charities?

thecableguy12

what was the reason for the decline??
who are the creditors you owe the money to?
I used work in the iva industry until jan this year i may be able to help

annelise29

hi my debt repayment plan is with Byrom and Keeley. The biggest amount i owe is
£25000 which is to Moorcroft debt recovery
£210 to Tesco credit card
£128 to freemans
£3300 to Natwest
£4000to

annelise29

£4000 to Mbna
£1000 to next

skibadee

I would advise you to contact either CCCS, Payplan or National Debt Helpine.
Perhaps if you post your SOA someone on the forum would be able to give you advise too.

thecableguy12

annelise29 wrote: »

hi my debt repayment plan is with Byrom and Keeley. The biggest amount i owe is
£25000 which is to Moorcroft debt recovery
£210 to Tesco credit card
£128 to freemans
£3300 to Natwest
£4000to

I take it moorecroft and mbna declined therefore putting the acceptance way below 75% I would apply again because alot of creditors forget to vote so there is a chance that it could get accepted, for instance when a meeting for iva is held i believe the creditors have 15 mins to get there votes in, when I held meetings sometimes you would have similar cases as yourself where freemans voted an acceptance but the others would not vote or simply not vote in time there fore the acceptance from one compnay would outvote the others and provide 100% acceptance! see what i mean so try another company there is still a chance, can you post what ones actually declined and accepted?

thecableguy12

also moorecroft hold 74% of the vote so its all down to them really not an iva i would have put through but as i said there is still a chance

piptom&AndyPandy

I never understand a IVA refusal because for some Bankruptcy is the only other option and then they nothing. I agree go to a charity they may have declined because it was too low - if you're paying fees you'd pay none with a charity and thus be able to offer more

Pip
xxx

annelise29

thanks everyone for your advice, have contacted a charity and have an interview tomorrow. Ive never been in debt before and its amazing how quickly you can get out of depth.x

thecableguy12

piptom&AndyPandy wrote: »

I never understand a IVA refusal because for some Bankruptcy is the only other option and then they nothing. I agree go to a charity they may have declined because it was too low - if you're paying fees you'd pay none with a charity and thus be able to offer more

Pip
xxx

free charities will still charge supervisor and nominee fees for the insolvency practioners for ivas they wont charge fees for dmp plans, when an iva is processed from whatever iva company they are still voted for on behalf of the creditors (proxie) these include eversheds, tix, kpmg, pwc, and grant thornton, smaller companies like utilities councel tax vote themselves