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Posted: Mon Dec 15, 2008 8:46 pm
by flumpy dog
good evening all my little brains ticking away and i wanted to ask a question -hope no-one minds [:)]
what i wanted to query was when i read the newspaper today theres always lots of little adverts for iva's and they all say 'government approved scheme' what exactly does this mean ?
Posted: Mon Dec 15, 2008 9:55 pm
by Lisa2009
I think it means exactly what it says on the box FD
Basically its backed by the government.
xxxxxx
Posted: Mon Dec 15, 2008 9:59 pm
by flumpy dog
thanx mrs s sorry for asking-i was just interested-bit embarrassed now [:I]
Posted: Mon Dec 15, 2008 10:02 pm
by Lisa2009
LOL dont be. Was that a blonde moment LOL i have many many of them LOL
Posted: Mon Dec 15, 2008 10:04 pm
by flumpy dog
actually i am blonde !-think ill just read rather than post ! feel like a real flump x [:I]
Posted: Mon Dec 15, 2008 10:06 pm
by Lisa2009
Noooooooo dont be daft LOL
LOL @ flump, now thats a word i havent heard in years.
Keep posting, we are just getting to know you xxxx
Posted: Mon Dec 15, 2008 10:08 pm
by flumpy dog
[:I] x
Posted: Mon Dec 15, 2008 10:36 pm
by MelanieGiles
It means that the government brought about IVAs as an alternative to bankruptcy back in 1986, by introducing new legislation. The rules applying to IVAs are set in statute, with the Court Service being the ultimate judge and jury if necessary. It is not perhaps correct to refer to them as "government backed" but a lot of firms use this in their marketing - rightly or wrongly to convince potential clients that IVAs and IPs are reputable.
Posted: Mon Dec 15, 2008 10:39 pm
by Lisa2009
LOL i knew what i meant. Just didnt know how to say it.
Posted: Mon Dec 15, 2008 10:40 pm
by flumpy dog
thankyou for answering me melanie-youve saved me from complete flumpiness ! [:I]
Posted: Mon Dec 15, 2008 10:42 pm
by MelanieGiles
What a lovely word! I will remember that one - and to Mrs Skint - I thought you answered the post beautifully!
Posted: Mon Dec 15, 2008 10:50 pm
by Lisa2009
Thought i would have to move to flumpsville then LOL
Posted: Mon Dec 15, 2008 10:56 pm
by flumpy dog
[:D]
Posted: Tue Dec 16, 2008 1:51 pm
by David Mond
An IVA is a legally enforceable contract with your creditors and once approved is sacrosanct provided you keep to its terms. The terms can be varied by you/your IP BUT only with agreement of your creditors. Creditors cannot vary or suggest variations direct themselves only if you/IP suggest a variation the creditors can suggest possible modification.
It is not a government backed scheme but is enforceable by statute under the provisions of the 1986 Insolvency Act (as amended).