Having read this thread this evening, I was in two minds whether to contribute, but just three points really from the world of an insolvency practitioner:- 1 Anyone who thinks that IPs who take on IVA work are greedy should come and see my accounts for my IVA business. Clearly these comments are ma...

Are you expected to find the bankruptcy fees and the assistance company's fees up front when you use them?

How on earth does anyone manage to find that kind of money when they are broke?

I don't know how these bankruptcy assistance companies work, but I imagine it's in a similar way to IVA companies. In any case, bankruptcy fees are quite a lot of money to find up front, so that wouldn't be an option for me. If I could lay my hands on more than £1000 to pay for me and my partner to ...

I'm not blaming the company for the failure at all. It failed and both ourselves and our creditors are back to square one as a result. It just annoys me (a lot) that despite the failure of the IVA the IP received ALL of their money while everyone else lost out. Why should they get 100% and the credi...

I don't see why any IVA company should receive 100% of their fees when an IVA fails. The creditors are expected to write off more than 50% of what they are owed even if it succeeds, yet the IVA company gets all of theirs regardless. I wish I could do half a job and still get paid 100% of the money f...

Hi Daniel, I had a feeling that was the case and I'm sure it's in the small print somewhere, but your average Joe can't make head nor tail of most of the paperwork put in front of them when the IVA is being set up. I don't see why the supervisor should get 100% of their money if an IVA fails. The re...

I think it is fair to say that there are good and bad IVA companies, but that applies to companies in all industries. My opinion of the company we went with is far from favourable given that they took 11K from us and our creditors only got £3K of it. One of our creditors only received something like...

Sorry for jumping on the back of this thread, but does anyone happen to know how likely I am to be able to get professional indemnity insurance as someone who has been in an IVA? I am no longer in an IVA because it failed a few months back, but I really struggled to get public liability insurance wh...

Thanks for your comments Matty Baldy, this is precisely what frustrates me, you have good companies that offer individuals competent support, service and knowledge, where in my case its been the opposite with my 1st IP. My view is the OFT need to focus more on the industry where complete transpancy...

Not entirely sure about industry standards etc, but at the time our IVA failed we had paid in over £11,000 and our creditors only got 3,000 of it.

I'm far from impressed to be honest and certainly wouldn't recommend the company we went with to anyone.

Thanks Kallis, that's pretty much what I thought.

Do you know of any other companies who offer a really basic business account? I don't want cheque books or overdrafts or anything like that at all. Basically an account in the business name rather than my own is all I am after.

Our IVA recently went pearshaped as we were really struggling to keep up the payments. We don't own a property so negative equity etc didn't come into it, but all we did was phone our IVA company, tell them we couldn't keep up the repayments and that was that. We just stopped paying and a while late...

Hello folks, Sorry to bring up this old chestnut again. My IVA recently failed after some two-and-a-half years due to difficulty keeping up repayments. We've had the termination certificate and I've also noticed that my name is no longer on the insolvency register, which came as a bit of a surprise....

Sounds like Martin is asking if he can make a full and final settlement after 12 months. I don't know personally, but if that is your intention I would probably keep it to yourself while the IVA is being set up to be honest. Your creditors will probably be less likely to agree to an IVA if you are t...

I echo what has already been said. I found myself in exactly the same position during my IVA and ended up being allowed a 12 month payment break in the end. I know what you mean about politics and sneaky movers, I've come across plenty of them. For some reason people like that always seem to get ahe...