MelanieGiles wrote:
I think that Plasticdaft is enquiring as to how many IVAs fail before reaching the conclusion for which they were put forward. Our professional quotes that between 30 and 40% of IVAs do not reach successful conclusion - this is much lower in some firms, but under current conditions I am even expecting my failure rate of less than 5% to increase.
I knew I could rely on you Mel for giving me hard facts!!! Thanks for that. I assume that most people embarking on the IVA journey wouldnt actually think to ask a question like whats your completion success rate though(in fact you could probably write a book on entitled "things I wish I'd asked before signing up for an IVA").
I understand that IVA's often fail due to unforseen changes in circumstances but that would be the case across the board of IP firms(though I suppose location of client base would too alter any findings if a certain area of the country was to lose a main employer),but surely there is a clear relationship between ability to work with your IP firm and IVA success. Maybe I am simplyfying things a little but I bet some of the less successful firms are also the ones who wont let you near your IP when you try to phone them up!!!
Discharged today the 8th feb 2012. View is much brighter now.
Continuing to rebuild our credit worthiness.
It would be interesting to see how the larger firms such as CCCS, Payplan and the like measure up in the failure stakes.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
Not sure that that is a fair comparison plasticdaft. When an IVA has been put forward on the basis that it is the most appropriate solution all things being equal it is hoped it will stay its course.
It is impossible to legislate for:
Redundancy
Illness
Marital Break Up
Getting Sacked
Increase in living costs due to having a baby
Rent increases
Client deciding to go bankrupt
Client failed to make payments and ignored contact
The above is not an exhaustive list and currently about 13% of all cases we have put forward have been terminated for reasons associated with the above list.
Last edited by David Mond on Mon Feb 09, 2009 4:12 pm, edited 1 time in total.
Regards, David Mond, Insolvency Practitioner for over 46 years. Personal Insolvency Practitioner of the year 2012, Personal Insolvency Practitioner of the year finalist 2013 & 2014 awarded by Insolvency & Rescue Magazine and 2015 finalist for Personal Insolvency Firm of the Year.
This is what I said originally, all proposals go through with the intention on all sides that they will be completed, and of course no one knows what is round the corner.
It is still interesting to know how many actually do complete either by doing a full and final, or by doing the five or six years. We don't get many people posting on here who have completed.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
Eventually Market Information will become available. But it will take time.
Regards, David Mond, Insolvency Practitioner for over 46 years. Personal Insolvency Practitioner of the year 2012, Personal Insolvency Practitioner of the year finalist 2013 & 2014 awarded by Insolvency & Rescue Magazine and 2015 finalist for Personal Insolvency Firm of the Year.
And numbers will rise due to the current economic climate. I also wonder how many IVAs have failed, because of the activities of firms like the IVA Council and the other "bankruptcy assist" firms which sprung up over the last year or so? I don't hear much about them now - are they still largely active David?
You tend to forget about those when they go quiet don't you? I think we've had a couple of posts recently, and I know me and hubby have had correspondence about it as well.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
I would be interested in knowing how many IVA's fail and after what duration. I agree certain circumstances cause an IVA to fail and no-one is to blame, but this isn't always the case.
Some "sons" of the IVA Council are around - one for example the British Association of IVA Consumers is one, Melanie. Everyone needs to be vigilant and if approached to forward me the paperwork. I am preparing a new dossier for the OFT who have promised quicker and stringent action next time!
Regards, David Mond, Insolvency Practitioner for over 46 years. Personal Insolvency Practitioner of the year 2012, Personal Insolvency Practitioner of the year finalist 2013 & 2014 awarded by Insolvency & Rescue Magazine and 2015 finalist for Personal Insolvency Firm of the Year.
It would be nice to think that we could get rid of these vultures once and for all.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
I cant see it ever happening due to the fact that a profit can be made out of others misfortune. It will be intersting to see what action is taken next time round.
David,what action was taken last time??
Discharged today the 8th feb 2012. View is much brighter now.
Continuing to rebuild our credit worthiness.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
Have a look at the front page of my web site and scroll down and you'll see what happened against the IVA Council.
Regards, David Mond, Insolvency Practitioner for over 46 years. Personal Insolvency Practitioner of the year 2012, Personal Insolvency Practitioner of the year finalist 2013 & 2014 awarded by Insolvency & Rescue Magazine and 2015 finalist for Personal Insolvency Firm of the Year.
