if my iva gets rejected what are my options

rudeboyroy

hiya everyone got my creditors meeting tues at 11 and it isn't looking that clever......what i have now been told and didn't realise at the time is that i cannot submit another proposal withina year.

what options are now open to me to reach an agreement with my creditiors?

CLAPTON

i dont know your details but if the IVA is no go then your alternatives are a debt management plan or bankruptcy, but as well wait now to see what happens.

james32_uk

Hi mate. If 75% of your creditors (by value) do not agree to your proposal then your IP will adjorn the meeting for up to two weeks. Over this time your IP may prod other creditors to get them to vote if they think it could take you past 75%. In my case I raised my % slightly to reach the demands of my biggest creditor to get it through.

After two weeks if it's still failed then you cant apply again for a set period. I thought this was actually 6 months but maybe I'm wrong. During this period if your IP is any good they will try and work out a DMP for you. I hope you're with Payplan?????