if this were in place when we first took advice we'd have been forced into BR,our return to creditors was small in relation to the debt BUT they got several thousands more than BR. you can't give what you haven't got!
we are v fortunate that my parents could help with a F&F IVA (after assesment showed we didn't have enough surplus to do a normal term IVA[V]) but, repaying Mum&Dad will take years - we would be finished with payments much,much sooner if we'd done BR,sometimes i/we do feel heavy hearted with it[:(] but still feel we've made the right choice for us.
i said to my hubby ages ago that they'd extend the time scale of a IVA,so that doesn't surprise me.
Nothing stays the same...everything changes..hang on in there!
I think those comments are a little unfair and just an attack on someone who often dont agree with the masses on here but always posts politely, and also Skippy I dont think someone about to lose their home will also appreciate that their IVA has been rejected because they cannot meet 80% dividend or find a provider anymore because many IVA providers are perhaps forced out of business, bankruptcy is certainly no easy solution fees have doubled in the past few years IPOs are stricter than ever,we are at a time where indebtedness in on the increase, and all solutions are being squeezed,
Link finiancial come along demand 80%, yawn, **** you then I would've just gone BR rather then doing what I felt was the right thing.
Last Payment - November 2011 - Completion Certificate received 2 weeks after last payment, Removed from Insolvency Register within 4 weeks after last payment.
Obviously the creditors would rather see a 55% return than a 17% the problem is though the 55% return in an IVA currently has a 30% to 40% chance of not being realised through failure, do creditors have the confidence in them still or do they think its better to write the debt of now in the current years accounts
Daniel Griffiths wrote:
Obviously the creditors would rather see a 55% return than a 17% the problem is though the 55% return in an IVA currently has a 30% to 40% chance of not being realised through failure, do creditors have the confidence in them still or do they think its better to write the debt of now in the current years accounts
Do 30%-40% of IVAs fail? Any chance of a link to those statistics.
Last Payment - November 2011 - Completion Certificate received 2 weeks after last payment, Removed from Insolvency Register within 4 weeks after last payment.
Daniel Griffiths wrote:
Obviously the creditors would rather see a 55% return than a 17% the problem is though the 55% return in an IVA currently has a 30% to 40% chance of not being realised through failure, do creditors have the confidence in them still or do they think its better to write the debt of now in the current years accounts
Well my return was near enough 57% in a IVA, compared to what would have been nothing by forcing me to take bankruptcy as if my employer had found out about it I would have lost my job and income and it would have resulted in a 0% return under BR.
Guess they have to weigh all that up too.
We're willing to wipe the slate clean, give you a fresh start. All that we're asking in return is your cooperation.
My thoughts exactly. "Links" proposals will never see the light of day imho. Creditors will be well aware that the sum of receiving "something" (be it whatever percentage) from a large amount of debtors will always be more than the amount they can gain from the relatively small amount that could afford an 80% dividend.
In any case IP's work out exactly what individuals can afford and if they know a client can pay 80% then thats what they would seek to pay , after all IP's only propose a deal between creditors & debtors and ultimately if the creditors dont like it they can send the debtors into BR.
In any event the credit situation will worsen so I would imagine other companies like "LINK" will no doubt jump on the bandwagon in the future but one thing is set in stone...you cant get blood out of a stone, whichever way you try and creditors know which side their breads buttered on!
I came into this world with nothing and still have most of it left!
