IVA variation meeting

danp100

Hi,
i posted on here about a month ago since i took out some additional credit whilst in my iva. I have since told my IP and there is now a variation meeting set up for early Feb. To clear my additional debt we are proposing a 3 month payment break and then extending the agreement. the letter that i have recieved gives my creditors options which i think they will vote on, one of which being the proposal i have just mentioned. The scary part is where one option is to present a petition for bankruptcy. So i am wondering how likely it is that my proposal is accepted. i am hoping the bankruptcy part is just something that has to be included as an option? thanks for the advice

Find_The_Real

Hello Dan

Good luck with the meeting. Generally your IP would not have considered calling a variation meeting if they thought it was hopeless but at the end of the day it is entirely up to your creditors as to how they vote so it is impossible to say what the outcome will be.

However if you have shown that the additional credit was a one-off then that will be in your favour. As you have breached the terms of you IVA by taking on additional credit I do believe that they have to put the bankruptcy option as standard, but they will probably have shown there would be more of a return in continuing your IVA to your creditors than opting to make you bankrupt.

We do have an IVA board on here should you wish to post anything IVA related in the future.

http://forums.moneysavingexpert.com/forumdisplay.php?f=159