If your application for an Individual Voluntary Arrangement (IVA) fails at creditors meeting you do still have some options.
What you do will depend on why your Individual Voluntary Arrangement (IVA) application has failed.
You may wish to consider reapplying for your IVA. Especially if your IVA proposal was rejected for a reason which can now be agreed to. The new IVA proposal would incorporate these necessary changes, and would stand a good chance of being accepted at the next creditors meeting, and often to reapply for an IVA is the best option.
Your IVA may have been rejected because your creditors were unable to vote within the available notice period or at the creditors meeting. If you believed these missing votes would have made a material difference to the outcome of your original creditors meeting, then resubmitting your IVA proposal for a new creditors meeting would give you the opportunity to receive all the required votes in time, and hopefully get your IVA accepted.
So, based on these situations, your first choice may be to reapply for your Individual Voluntary Arrangement (IVA).
My IVA Adviser are specialists in helping people reapply for rejected IVA’s, especially when there is to be a material change in the IVA proposal.
For an indepth informal chat about your circumstances, in complete confidence, call 0800 088 7503 now.
However, if you decide to recognise that your IVA application has failed, you may wish to consider the alternatives.
A debt management programme is an informal arrangement that is sometimes used as an alternative to an Individual Voluntary Arrangement (IVA) when the original IVA applicant does not want to reapply for an IVA.
If your IVA application fails, and you consider a Debt Management Programme will be ineffective in dealing with your debts - there is always the option of a Bankruptcy.
Bankruptcy is usually last choice on the list of options for people in serious debt, but Bankruptcy itself has changed remarkably since the introduction of the Enterprise Act in 2004, which introduced significant changes to the Bankruptcy process.
Follow this link for Bankruptcy and find out if it could benefit you if your Individual Voluntary Arrangement (IVA) has failed.
If you are experiencing serious financial problems and you would like to discuss them in more detail call 0800 088 7503 or download one of our free IVA guides designed to help people in debt.
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