Hi Andy
I don’t think we are far apart in our thinking, I was just hoping to swerve the emphasis a little so that it might be more effective, and have a greater chance of success.
Whether we like it or not, our credit worthiness at any point in time is a factor that is assessed commercially. If you and I were running a finance company, the fact that a loan applicant was either in an IVA or bankrupt is highly relevant to our assessment of their finance request. This is true not only from the finance company’s point of view, but also from the applicant’s. I am sure we would not disagree on the level of culpability of the major creditors in granting loans and facilities that the applicant had not a hope of repaying.
In my company, as part of the underwriting process I need to check that someone is in an IVA, when it started, and who is their IP. That is why I take issue with the work “abolished”.
I have no problem at all with “regulated or limited”, or even how strictly this is applied. After all, we are already registered with the Information Commissioner for Data Protection, hold a Consumer Credit Licence, are Authorised and Directly Regulated by the Financial Services Authority, and for this twice each year have to submit returns on capital adequacy supported by six monthly accounts, have Professional Indemnity Insurance, and are authorised to hold Clients’ monies. Further to that, as we collect by Direct Debit we have to support our Direct Debit Guarantee with personal guarantees that expose all of our personal assets in the event of a claim.
We both want the same thing here, I just think that if we go for “abolished” words like snowball and hell come to mind. “Regulate and Limit” however we can agree on, and pursue with some reasonable chance of success.
Why don’t we combine and lodge a complaint with the Secretary of State on behalf of the person(s) who received the letter from The IVA Council ?
Let’s go get them !
John Tegg
www.asu4iva.co.uk
0845 673 9999
We will make all your IVA payments for you if Accident or Sickness stops you paying them yourself.