SIVA

[up to the eyeballs]

Hello
Can anybody tell me where are I can find information about the new SIVA's. I have looked on the net and have found the odd snippet but nothing with any real detail.
Thanks

[iva_squirrel]

Good morning and welcome to the forum,

There is significant amount of work that needs to go into setting up an IVA and supervising it for up to five years.

As such it does not tend to be worth it to use an IVA for smaller debts.

It is currently recognized that there is a requirement for the equivalent of an IVA for smaller debts - The Insolvency Service have put forward a proposal for an SIVA (Simple IVA).

Essentially, it has been proposed that the current IVA structure should remain to cater for 'business trader' debts and more complicated cases.

Here an individual with debts of less than £25,000/£30,000 would be eligible for the proposed Simple IVA (SIVA). An individual in such circumstances would be able to enter into this arrangement without creditor voting on the proposal so long as the return in the SIVA 1 would be better than bankruptcy.


Kind regards,

Julia Simavi

Shortlisted with special commendation for Debt Counsellor of the Year by Credit Today Awards 2007

View my profile:
http://www.supersonicsquirrel.net/julia ... rofile.asp

Visit my website:
http://www.supersonicsquirrel.net

Credit Today Awards 2007 http://www.credittoday.co.uk/awards/winners.htm

[MelanieGiles]

Try the following link

http://www.insolvency.gov.uk/insolvency ... stoIVA.pdf

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk