What does it mean if my IVA is not approved?
When your creditors receive the IVA proposal, drawn up by the Insolvency Practitioner, there are several things for them to consider before they vote.
They initially want to be certain that the offer they are being asked to accept is a reasonable one and better than what they would get if they pursued you for bankruptcy.
They look at level of assets that you have, such as equity in a house and the value of any car etc. They also consider how long ago it was that the credit was taken. When they vote at least 75% in value of the voting creditors must vote to accept the proposal. If this majority isn't reached then your IVA cannot be approved and it is deemed a Rejection. This means that you will not be protected from interest and charges still being added to your accounts and the creditors are still at liberty to take legal action against you.
During the negotiations creditors can suggest modifications to the proposal and you can choose whether to accept them or not.
For more information, call us on
0800 16 999 46 or simply fill in the online application form above. Our initial advice is free and completely confidential so why not give us a call today...
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Insolvency Practitioners at Money Debt and Credit Ltd act without any personal liability
Money Debt and Credit Ltd, Registered in England & Wales No.05588842.
Registered Office: 45 Clarendon Road, Watford WD17 1SZ