An interesting comment though Andy taking into account the tens of thousands of IVAs that fail or do not run their course.
Hi Indebtscared
The above comment from the CAB says it all,they are in the know I just have an opinion, I do not want to scare you at all and if Rayb s comment gives you comfort then all well and good, however 2011 and beyond is going to be a very tough indeed, I think an IVA is like swimming the channel if Calais is in sight keep going with all your might but if you can still see the cliffs of Dover and a storm is brewing think about turning back while you can still swim, its better than drowning.
Last edited by The Major on Tue Nov 23, 2010 1:12 pm, edited 1 time in total.
Indebtscared, please don't read too much into what The Major says. His posts are generally negative towards IVAs, and I agree with what Rayb has said - if you are happy and your IVA is affordable there is no reason to worry.
Unfortunately some people seem to want to cause unnecessary worry to others.
If you're swimming the channel and a storm is brewing, think about asking your IP for a boat.
Bankruptcy is and always has been a serious proposition, and to argue in terms of which is the easier payment is a moot point. There are dozens of reasons for either solution, and any good IP will lay this information down clearly before you start your IVA and help you choose the solution that's right for you.
I notice that neither yourself or Ray b has commented on the CAB post on this thread I think we will agree they are an organisation in the know, and not the least bit negative but truthful.
I agree with Liam James - if you are in an IVA and struggling the person to speak to is your IP.
Regarding the comment from the CAB, I don't know how many IVAs fail as opposed to how many are started, or the reasons that they fail and it would be interesting to see those figures if they exist.
The CAB aren't generally negative and do a good job. The reason I commented on your post is that you are always negative towards IVAs and whilst it's good to have balanced opinions, I don't recall you ever saying anything positive.
The CAB mentioned tens of thousands of IVAs that fail and do not go the full course, their words not mine, that is an awful lot of business so its hard to get positive about IVAs even though proposing them would benefit me fee wise, an IP im sure will give you a boat, and you can sit in it just to get your breath back before you are back in that cold water again. My response to the thread is not to get into the old IVA/Bankruptcy debate again its just to comment on Andys posting that the swing from Bankruptcy to IVAs will not happen in my opinion just for this change far from it.
I have just contacted the Insolvency Service and they will not confirm nor dent this rumour. There is a publication which is in the process of being drafted and will be available on the insolvency service website on or around 1st December.
Of all the things I've lost, it's my mind I miss the most
I wonder, if there is to be an announcement, how this will sit with Debt Relief Orders and the maximum disposable income being £50? It may be that the Insolvency Service bring in a minimum amount for an IPO/IPA at £50? What are peoples thoughts?
I don't believe the starting point will be £20, who wants to collect £720 over 3 years ? Creditors will never see a penny of it, and knowing the OR of old, he'll get a collection agent to collect it for him (for a fee), so why the change in policy if there is no chance of any money being paid back to creditors ?
The OR Charges each Bankrupt £1,600+ for the honour of administering their Bankruptcy, with the deposit payable at Court being a payment on account, so I wonder where the money collected will go ????
Last edited by Dean1 on Tue Nov 23, 2010 4:45 pm, edited 1 time in total.
Is there any news on whether the 1st December changes will also switch to a new expenditure allowance model? I understand that they are experimenting with CCCS and CFS.
Last edited by liamjames on Tue Nov 23, 2010 5:23 pm, edited 1 time in total.
Dean, I have changed your user name again as you are not allowed to put an email address or post your company in your user name unless your are an expert.
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
On the subject of IVAs or bankruptcy I just want to confirm that this site promotes the best course of action, we are not totally biased towards IVAs. When I speak to people I always state that bankruptcy will nearly always be the quickest and most cost effective option of dealing with their debt. However it is not for everybody, even if they have no assets etc etc
My friends at the NEDCAB see the downside of IVAs, the poorly advised people that have been shoe horned into an IVA and I do respect that they must get fed up with picking up the pieces.
I welcome Majors comments because they are made in a respectable and professional way. Everyone is entitled to their opinion and strong debates are very welcome on this site just as long as they do not get personal etc.
I have been through a successful IVA, but boy was it tough, and Skippy has been through a successful bankruptcy, after a horrible IVA experience, so I think we do bring a balanced view to the forum
Regards
Excellent post Andy and I totally agree. I am in an IVA but would always advise that posters take indepedent advice before deciding on the route they want, and indeed can afford, to take.
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
