Rejected IVAs | My IVA has been rejected

When an IVA application is made there is a meeting of your creditors and your application must be accepted by a majority of 75% of your creditors, by debt value, to be approved. On some occasions IVA applications can be rejected by creditors. The most common reason for creditors to turn down an IVA application is that feel the proposed repayment is not at a level that meets individual creditor guidelines, or they may feel that the IVA will not be adhered to. IVA NI do not charge any fee's unless your IVA has been approved and is going to go ahead.

In order for your IVA application to be accepted a majority of 75% of your creditors, by debt value, must accept the application. There is occasions when the IVA application can be turned down. This may happen when the creditors think that the proposed IVA payment is not high enough or if they think that the IVA will not be adhered too. IVA Northern Ireland have a very high success rate in getting IVAs accepted and have successfully had thousands of IVA applications accepted over the years.

What to do if your IVA has been rejected?

If your IVA has been rejected there still may be a chance of getting an IVA accepted. If you are able to offer an alternative level of payment then you may be able to re-propose an IVA application. If you feel that you may be suitable to re-propose an IVA please call our IVA specialists on 0800 043 3328 to further discuss your options or alternative debt solutions.

In the UK, consumer credit activities are covered by the Institute of Chartered Accountants in Scotland, Group Licence number G/900011
Complaints Procedure | Insolvency Service Debt Guide | Fees

ivanorthernireland.co.uk is owned by McCambridge Duffy, who provide free debt advice on a variety of debt solutions. A fee is only payable where further services are requested. All fees will be explained in detail and discussed prior to commencement of any service or debt repayment plan. In the IVA our fees are included in your monthly payment to your creditors so you will not have to pay anymore than you can afford. More suitable debt solutions may be offered which may result in different fees applying and we will discuss those with you during your initial consultation. Read further information. Creditors may still contact you with promotional material or to fulfil contractual obligations to you but they should deal with us in all aspects relating to the outstanding debts.

Acceptance of your IVA cannot be guaranteed but we will do our best. You must meet certain criteria which will be discussed with our advisors. Where we put a client forward for an IVA we believe they have an excellent chance of being accepted. Debts will only be written off where a client has made an agreed payment for a fixed period. In return the creditors agree to write off the remaining balance. Typically, our clients average debt write off is between 60-70% of the debt. What debt you have written off will depend on your individual circumstances and is subject to creditor approval and completion of the IVA. Your credit rating may be impacted for up to six years from the commencement of you IVA. Homeowners may be required to introduce equity if available.

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Rejected IVAs | My IVA has been rejected

What to do if your IVA has been rejected?

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