Figures from UK Insolvency Helpline

[CoverItAll]

In December 2007, 607 IVA applicants were made, but only 301 were accepted.

This is a stark contrast to May 2008, were less applications were made, only 598 IVA applicants but only 543 were accepted.

[angela18]

shape of things to come me thinks john.. can't see things getting any better, can you?

[michael.t47]

nope, there gonna be a lot more of us on here in the coming months

[kallis3]

I agree. The trouble is though, are the banks going to stand all these applications? Surely there has to come a point where they say enough is enough?

I hope not as IVA is a lifeline for a lot of people, myself included

[CoverItAll]

Hi Ang

Sadly I think things will get a lot worse before they get better in many areas.

The good news of course is that while many 1,000's of people are still suffering on their own, and have yet to face up to their problem, and commit themselves to 60 months of strict financial discipline, Forum Members are already on that journey, have already "come in from the cold", and are enjoying the fellowship and mutual support that Members share.

[rayb]

Kallis3, I dont think they are really going to be able to say no are they. They can either accept getting some money back or none at all.

Also I do not know why my name tag is brighter than everyone else!!! Maybe I am special lol

[Cybus]

I would look at it from the angle of percentage of successful IVA applications. There is a marked improvement.

In May 2008, The number of IVA's applied for amounted to 598 of which 543 were approved. That's 90.80% of IVA's approved.

In December 2007, whilst there were 607 IVA's applied for, only 301 were approved. That's not even 50%.

So in terms of percentages, the approval rate has increased. That could be due to a number of factors ...

The creditors may have become a little more relaxed in their attitude to IVA's.

The standards of IVA proposal has been 'standardised' with the IVA protocol and so more and more IP's dealing with 'Consumer' IVA's have adapted and likewise the creditors have entered in to the spirit.

The standards of proposal may also have increased in non protocol cases and as a result creditors are more willing to approve these as opposed.

Whilst it is still disconcerting to hear of so many people in financial difficulties, there are some positives to be taken from the opening post

[kallis3]

It really is scary to think of the number of people who are now experiencing financial difficulties, and the amount of people who will be joining that unhappy throng.

As has already been said on here - we are lucky to have found this forum and have the help and support of fellow sufferers and experts. I don't know what I would do without it.

It's a pity we can't reach the many out there who don't know which way to turn. We will just have to hope they stumble across us.

[MelanieGiles]

Are those numbers right? They look exceedingly low to me, both in terms of proposals and acceptances. This big firms alone ought to be putting through in excess of 100 proposals per month.

[acsn]

Total Iva Bankcruptcy
2005 67,584 47,291 20,293
2006 107,288 62,956 44,332
2007 106,645 64,480 42,165

2008 Q1 p 24,619 15,814 8,805
Percentage change, latest qtr on corresponding qtr of previous year

2008 Q1 p -15.8 -11.8 -22.1

[Cybus]

Are those numbers right? They look exceedingly low to me, both in terms of proposals and acceptances. This big firms alone ought to be putting through in excess of 100 proposals per month.

I can't find these figures on their website ... perhaps they are their own?

I did find this on their website though ... Next they'll be appointing a QC! [:D]

The UK Insolvency Helpline are in constant touch with the authorities providing dossiers of complaints about the profit making debt advice industry breaching advertising rules by making exaggerated claims about their ability to write-off debts to banks and other lenders.

Like many consumer groups and banks the UK Insolvency Helpline is concerned that people may be being encouraged by unscrupulous IVA companies to commit to IVAs, even where this may not be the right course of action. These companies aren't always properly informing their customers about the fees they charge for arranging an IVA, or about the adverse effects of IVAs on credit ratings.

[MelanieGiles]

So the number quoted are completely incorrect?? John - are they saying that the figures you have quoted are the total number of IVAs for the periods stated?