The OFT has warned 12 firms

[TheMatrix]

Believe me BR would have been a better option for me financially, and I knew that before I took my IVA out but there were other, not financial, reasons for not going down that route.

In my own personal situation I had over 70K of unsecured debts and no assets to speak off. Perfect candidate for BR? Well yes on the surface.

However, I am in a good job, which would have been jepodised. I'm thinking longer term here, and as I am one of those rare characters who actually enjoy their job and paid an above average salary to boot. I did not want to lose that. BR could have meant dismissal.

Additionally, I wanted to keep it to myself and did not want anyone including family knowing my financial problems.

This is what really narks me off with those letters coming in the post incompletely addressed within see through envelopes with everything possibly found on the IVA register included in their letters.

I live in fear of the post everyday because of these inconsiderate postal spammers. The fear that someone else with the same surname in my house opening that envelope.

Anyway it is history now, as there is no going back and I am quite happy with my IVA, the only thing I would have done differently would have been to go through a IP rather than through a middleman.

[Adam Davies]

Hi
Bankruptcy,on paper,for many is a cheaper way to deal with their debts.For some even if this is the cheaper option they still would prefer an IVA over bankruptcy because a]they want to pay more to their creditors and/or b]they do not want the stigma and advertisment of bankruptcy.
yes IVAs have been mis sold,hopefully all in the past,but equally the twelve companies operating in the 'assisted bankruptcy market'may be mis selling the bankruptcy solution.
All I want is the correct advice in the first instance and this is,in my view,what this forum offers.
Regards

[kallis3]

Kirsty, I agree that this is a very unbiased site. We all have our own views, most of us are NOT connected with the industry other than we are in an IVA/BR or looking at either.

I still think The Major is not as he appears to be. I don't think he is to do with the IVA Council, but there has recently been another site on here trying to drum up trade with similar views to his. I think he is possibly something to do with it.

[The Major]

I am sure Andys posting is correct when he says many people want to pay something back to the creditors, in bankruptcy it may be in an Income Payments Order in an IVA its in year three four and Five of course by that time many IVAs have failed and the poor creditors get nothing anyway, the IVA companies then got bigger, profits grew, some expanded overseas all at the expense of the banks misery now they are thumping the table because 12 companies are out there telling clients there is another way. To some like Inaniva BR was not for him "Stigma" "Job prospects" he had a choice and chose wisely for him, its not like that for everyone, this site seems to except that IVAs have been mis-sold, however I would like to know how many bankruptcies have also been mis sold, is there anyone on this site once in an IVA now bankrupt missing those IVA payments every month

[admin]

Attention 'the major'

Over the last 6 monnths we have had several users post on the forum with the only intention seeming to be of being controntational. Users of this nature will be removed.

We welcome your input but I am sure you can understand that we have to reserve the right to remove you and your postings if you continue to be overly controntational.

To address your specific points:
1) Biased forum in the favour of IVAs.
Well this site iva.co.uk so a lot of people are in IVAs but we acknowledge that ivas may have been miss sold in the past and even held a debate on it. See: http://tv.iva.co.uk/default.asp?id=331.
Most people now agree that IVA miss selling is now hopefully a thing of the past.
Several of the posters on this site went down the route of bankruptcy and offer invaluable advice in their postings. We also have bankruptcy experts posting.

There is also a sister site called www.bankruptcyhelp.org.uk which has a dedicated forum and expert panel for anyone considering bankruptcy. The expert panel for iva.co.uk and bankruptcyhelp.org.uk is free and available for any industry expert to post.

2) General issues around the IVA v Bankruptcy solution.
We held a debate on this as well - see: http://tv.iva.co.uk/default.asp?id=413.
This issue has been debated so many times that it is not necessary to go into detail here. Indeed this is probably the most debated topic on this forum. IVAs are right for some and bankruptcy for others. It is up to the individual to decide the best option for them.

One point that is interesting is that some people feel a responsibility to repay their debts as best they can - as they borrowed on the principle that they would pay it back. Some people may find it a bit offensive to say that to do an IVA is stupid and that they must of been miss sold it. One could argue it is morally the better option as creditors get more money back. Not sure how this fits into the general miss selling debate.

In summary I would like to say that you seem to have issue with iva factories and iva miss selling in the past. Perhaps this isnt such an issue moving forward as forums such as this quickly identify and name and shame any companies that provide poor service or miss sell.

Hope this clarifies points and I hope that you continue to contribute in a balanced and open way.

Would it be possible for you to provide a bit more information about your background? If you are an industry professional on bankruptcy then perhaps post on the bankruptcyhelp.org.uk site as well?

Admin team.

[jpj]

Well said Admin!

The major states "its about time IVAs were only placed when it is in the beneficial interests of the client and not the provider"...like thats ever going to happen!! the only way that could happen is if IVAs were government funded (and can you imagine the uproar from taxpayers!)

As I have said before, there is a fine line between being mis sold an IVA or BR and not fully understanding what you have signed up to.

Human have always been prayed on by fellow humans that have been left in more vunerable circumstances ,and I dont think thats about to change!..but if the OFT can help to limit a persons vunerability whilst in an IVA, that can only be a good thing!!

[Adam Davies]

Hi
The Major states "I am sure Andys posting is correct when he says many people want to pay something back to the creditors, in bankruptcy it may be in an Income Payments Order" but hopefully would agree that nearly al payment order funds received are gobbled up in OR fees and the creditors receive virtually zero
Regards

[Soulgrowth]

Well and fairly addressed Admin ... I look forward, with interest, to seeing your repsonse "The Major" ... this is an interesting thread.

Debbie

[kallis3]

Call me cynical, but I am still not convinced that 'The Major' is a genuine poster. His comments still smack of a site which advocates making your creditors bid for your debts. This is the third time I have mentioned this. At no time has the poster made any reply to my comments.

If it was me and I was genuine, I would be most upset that someone thought that of me.

[The Major]

Thank You admin point taken I must admit I have not read all the posts on this forum it was debtfreesusie post "How to go Bust" scenarion following the point about the 12 companies which caused me to post otherwise I read and and dont bother posting on this and other forums. I found this post most biased towards IVAs with the scenarion of the person having to have the property sold on, it is obvious in this situation an IVA is most appropiate if income is sufficient to meet payments, I just wanted to show the other side in her scenario. I dont want to be confrontational, I am a private individual and have studied personal finance for many years, my postings will now cease

[The Major]

Kallis3

I just realised I have not answered your post I am not who you think I am and am also not aware of the posting you refer to in fact I have never previously posted anywhere before.

[kallis3]

Hmmmmmm. I'm still suspicious.

[debtfreesusie67]

Hi the Major.
I just want to say that the information I posted came straight from the BBC website. I am one of the people that had to go down the BR route as there was no other option. I am not biased towards either BR or IVA's.

[admin]

Hi 'The Major',

Thanks for your response and contribution, hopefully all points are now clarified. Please feel free to continue to post if you so wish. All views are welcomed.

regards, admin team

[Soulgrowth]

Please continue to post "The Major" I am sure that you will make some valuable contributions to the Forum.

Debbie