IVA rejected due to gambling

Jakey00

Hi

I am new to all this. At the moment an am beside myself with worry. I have been told my IVA was rejected by 1 creditor due to my past gambling. IP are currently trying to resolve and I have a new creditor meeting booked for Friday.

I justdont hold out much hope. Any one else had similar experience

sourcrates

Hi,

Your IP should be able to work things out, usual reason for a rejection is that they want more money out of you, normally they can come to an arrangement.

I am assuming this one creditor is the majority stakeholder in terms of debt value, as normally you only need 75% of your creditors, by value of debt, to agree to an arrangement, and it gets accepted.

Can you give us further details on your debts, amounts, homeowner or not, etc etc.

Jakey00

Hi thanks for the response

I currently owe 53k, with 7 creditors. The one that rejected it are 15k - 28%.

They are a voting agent for Barclaycard - only found out last week that they had passed it over.

I have a mortgage on shared ownership, therefore I have very little equity - less that 5k

I have been completely honest with IP and they said the gambling would help. So scared I am going to lose my house.

sourcrates

As i said before, your past behavior is unlikely to influence the decision to much of a degree, most likely scenario is that they are hankering for a bigger monthly commitment from you, it was a similar situation with my biggest creditor, i had to agree to up my monthly payment by around £25 i think it was, once i agreed to that, they removed their objections, and the rest is history.

I`m sure it will be OK, there are other options if it is not accepted, because in bankruptcy they would get very little return if any, so its in no ones interests to go down that path.

Jakey00

Thanks for the response

Jakey00

Well, after being told on Friday that my IVA has been rejected, 3 hours later told that the creditor is reconsidering and I will have another meeting at 3 pm today.

Now I have been accepted with no additional money - I am so happy I cant believe the week I have had.

sourcrates

Good, excellent result for you !!