www.iva.co.uk

Surley its in the creditors best option to accept an iva rather than declaring bankruptcy, am i right in thinking with an iva they recoup some money but with in bankruptcy then get nothing?

thsnks
crg

Yes craig totally agree but the thing is a lot dont go bankrupt for various reasons , the stigma, or their job wont allow it , and go into dmps. Some creditors feel there is no need for an iva in some cases and the debt can be paid just over a much longer period. I think I have seen it said that only 3% of failed ivas actually go bankrupt. Creditors might rethink if this went up dramatically.

Ang

Please visit my blog at http://aguise.blogs.iva.co.uk/

On paper the answer to that is yes, but creditors don't always see it like this and some prefer to take a longer term view over repayment by supporting Debt Management Programmes or making informal arrangements with creditors.

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

In bankruptcy the creditors dont always get nothing, if the individual going bankrupt has substantial disposable income they could be making payments for up to 3 years.

Best Regards. IVA Experts

Unfortuently it's not always so black and white as IVA v Bankruptcy. If people do not want to go bankrupt then the alternative to an IVA would be an informal payment plan which could see someone paying more to the creditors than through the IVA.



Best Regards
Oliver

Thomas Charles and Co Ltd.
Experts in personal debt solutions.
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