Hi Moneyprobs, if you took your IVA out in the past couple of years then it should be protocol compliant.
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
It has to say so within the body of the proposal in a prominent place, and the summary sheet at the front of the proposal will make this clear usually in the top right hand corner.
The original protocol was introduced in 2008 and updated in 2010. This means that certain things on your IVA apply, such as equity release and/or extensions in lieu of equity. Also overtime and bonuses and the amount you pay comes under this.
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
Not all IP firms use the protocol, so can we be careful about the advice given out. It is very simple to see whether an IVA is protocol compliant or not - because it will say so within the body of the proposal. If not, then it is not - and creditors tell me that there are still many non-protocol IVAs flying around the marketplace - and the cynic in me thinks that the IPs who are not using it are probably better off financially, as fees are not adjusted so much.
