Jan - I had a horrible feeling that might soon be the case as more and more people go into ivas but didn't realise it was happening already. Does somewhat reduce the incentive to struggle for five years if the dread question is now bankrupt, ccjs or iva! As does not publishing names in the local paper. We might ask what the incentive for iva is - it's a long slog just for the satisfaction of giving your creditors a good return.
Plus being able to keep your house if you own one.
Some application forms now ask if you have made any arrangements with your creditors so you would have to answer yes.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
Whilst I agree most of us prefer to agree to an IVA to repay creditors what we can, please remember sometimes its the greed of creditors that force the BR route...not also the individuals choice.
I do agree that sometimes people are forced into BR when they don't want to do it, and I would not want to upset anyone who has had to do that.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
Scott72 wrote:
I was in the same situation. Six months into my IVA, which WAS missold. It is incorrect to say they cannot be. When you are told 'you will lose your home, you will lose your car' if you chose another method.
So after that six months I file for bankruptcy. That is now lifted and I kept my home, car, job and didn't need to make ANY payments. The Official receiver was great from start to finish. So it is not unfeasible that an IVA is missold. Yes it is a VOLUNTARY arrangement, but the company arranging it get a fee. That in itself is enough for some to try and stack the deck in favour of an IVA over bankruptcy.
Yes mis selling of IVA will probably increase as more and more people go into them
My IP wasn’t interested in my budget figures but for other reason already stated I figure the IVA route was the best option for me.
Bankruptancy for some people is still being put in the stocks and having oranges thrown at you in the town square for others it’s an annual accounting measure
When I first contacted my IP, PayPlan, they clearly gave me both options of an IVA or bankruptcy and did not try to influence me either way. I chose the IVA and I believe I made the best decision.
Very few IVAs are missold and I doubt that will change. All IP companies will give advice as to all of the options open to a potential client and it is then up to you to decide which path to go down.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
I wasn't given all the information regarding BR or a DMP, but I don't feel that my IVA was mis-sold. While the company I dealt with should have given me more information, I should also have done more research.
Here here skippy - we are all adults! I didn't do any research either but all I was interested in was not having the bailiff come knocking and the iva protected me!
I never gave bailiffs a thought - I just wanted to do something to stop the spiralling debt.
I was given advice about both IVA and BR.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
Personaly there seems to be little differnce between BR and IVA. Our bank recently told my wife that as far as they are concerned we are BR and it certainly seems to have the same effect on your credit.
Resolve UK advised me to go BR but as a serving soldier I'm not allowed, however I have since found out that I could have witten to my CO and paymaster for permission if this had been the best solution.
They also short sightedly advised me to extend my service which I have no control over.
In hind sight thy failed to provided the infomation I needed to make an informed decision as a result I will be leaving the Army next year with my IVA still running and not being able to secure a mortgage which was my biggest concern.
We recieved no advice as to wether we should both be in the IVA or not, leaving probably my wife still solvent and some what credit worthy.
The IVA is doing its job and we do now have a half decsent life at the moment or until June next year.
Personaly I now feel BR would have been a better option at the time.
Will paying into an IVA for 5 years make any diffence to my credit score, will it show that we took the responsible approach, I don't really think so!!
Our contact went through all the options with us,I was in a DMP so I knew about those, I think she was surprised we wanted an IVA and not BR as we have quite a low payback and with no assets to protect I suppose BR would have been the easier option, but I have never been known to take the easy route.
Last edited by Pandy on Mon Nov 08, 2010 6:22 pm, edited 1 time in total.
If life is what you make it, I must have been in a strange mood when I made mine
