Iva terminated after 2 years. Will creditors now accept my proposals?

Question

Have been informed my iva is going to be terminated after 2 years due to a breach of terms. (iva payment £505 p/month)
Do you think my creditors will accept my own proposals which are listed :

Northern rock : £16000 owed Proposal : £200 p/month
Hsbc £14000 owed Proposal : £100 p/month

Any answers appreciated

Answer 1

You can always try but if your iva was for 550 I would have thought they would like to see the same amount still being paid. Depends what the breach was and why . Is bankrupcy an option for you, otherwise debt managment may be another option, this is what in effect you are offering to do.
If you do make the offers make them match the percentage owed so if you owe as above I would offer say 10% of the amount owed you look to be offering n rock more than hsbc.It should be more like nrock £160 and Hsbc £140, and if there are more creditors offer the same percentage. Ask for interest to be frozen as well and make sure they know it is your best offer They are both tough creditors to deal with. anyway.
Other option is to try and save the iva if poss, talk to your Ip if your income has dropped ask for a variation to lower payments but maybe pay for an extra 12 months, again depends on the breach or if it is already failed.
If neither will accept any offer talk to cccs and see if they can help set up a dmp they dont charge for this.
All the best I hope you find a solution.

Answer 2

I doubt it .. usually if you fail to pay as agreed under the IVA the next step will be for one or more of the Creditors to apply to have you made bankrupt ....

HOWEVER it's always worth a try .. why not ask them ?