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Adam Davies

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Post by Adam Davies » Mon May 28, 2007 7:41 pm
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Hi Chris
A SIVA is for debts under 75k and will require a 50.1 percent creditor approval as opposed to the current 75 percent.More importantly for you IP costs will be lower as there will be no need for the annual report from your IP,so the normal 8k fee will be significantly lower meaning a higher dividend to creditors.
Your £220 will be fine for a DMP,just make sure that you can afford it.
regards

Andy Davie
IVA.co.uk Spokesperson and site manager
(aka Neverending)

Please check out my blog: http://andydavie.blogs.iva.co.uk

View my profile here:
http://www.iva.co.uk/andy_davie_profile.asp
Andam Davies
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Chris.z

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Post by Chris.z » Mon May 28, 2007 7:45 pm
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And is it possible to then change from a DMP to a siva Andy?

Chris
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chris_

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Post by chris_ » Mon May 28, 2007 7:47 pm
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This thread highlights to me why these forums are a lifeline for those of us in IVA's - where else can you go to get the kind of advice and support we find here without a great deal of hassle and false information.

Good solid points for a person to consider, bankruptcy might still be the answer but with the points made here at least you have a good idea what can and cannot be acheived.

Well done Andy, Melanie and everyone else who contributes to these forums.

Chris
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Chris.z

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Post by Chris.z » Mon May 28, 2007 7:51 pm
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You couldn't be more true Chris. When I took out my IVA I was just so relieved I would have said yes to anything, I just wish I had seen this forum first. The only about Bankruptcy is that it scares me!!

Once again though Andy and Melanie are fantastic!

Many thanks

Chris
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MelanieGiles

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Post by MelanieGiles » Mon May 28, 2007 8:20 pm
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Yes - as a profession we are anticipating a lot of DMP conversions to SIVAs come April 2008. As this is less than one year away, anyone believing that they wish to wait for this new procedure and then convert can do this - but do beware that creditors may well get used to accepting the DMP payments and be reluctant to agree to write off substantial portions of their debts.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk
Regards, Melanie Giles, Insolvency Practitioner
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