www.iva.co.uk

Hello,

I was wondering at what point within the IVA process you have to decide if you are going for a Quick or a Traditional IVA? Do you as the individual have to decided or is the choice given as an option by the creditors?

Many thanks.

Hi and welcome
Can you give more details ?
When you say traditional, I presume you mean a five year IVA ?and "Quick" a full and final lump sum IVA ?
Regards

Not really sure what you mean- do you mean a protocol IVA or non protocol. If so some IPs use protocol and others do not. The process is the same and should take no longer whatever the IP does.

Sorry for any confusion, I'm afraid I'm not up-to-date with the terminology yet, nor what level of details may be required for you to help with my questions.

"Yes" I was comparing a normal 5 year IVA with the "Quick" IVA, the latter as I understand it is where you pay off 25% of the debt + IP fees and it is all done in 3 months or so.

Not surprisingly I don't personally have the funds for the latter, but there's a (possibly very) slim chance I may be able to raise the coirresponding amount v's my debt from family.

I just wondered if you had to know which you were going for when you start the process, or whether it can be an either/or decision somewhere along the way.

When you have your first chat with an IP all options should be discussed. The amount required for a one off varies from client to client and takes into account assets that you may have and any return over a five year IVA. No decision is made without your total agreement as ultimately it is your proposal and not the IPs. Do not rush into anything but chat to a couple of IPs before you commit to anything.

You so called "quick one" is not necessarily 25% of what you owe. It is dependent on what money there is available and your particular circumstances on income and expenditure. Whoever has suggested that 25% is acceptable is wrong - unless they are fully aware of all your facts.

Where does this term "Quick" IVA come from? I have not heard it before and it is not a recognised technical term. An IVA is and IVA and can run from anything from 28 days to 30 or more years depending upon the circumstances of the case.

Ermm ... I found the term on the front page of iva.com. The explanation of a "Quick" IVA is then given once you enter your initial debt details and proceed, though I may have simplified the facts as whilst it gives 25% + fees as the example I think it does subsequently say the amount is dependent on the case.

It must be an iva.com specific term - I have never heard of it before but do undertsand what it purports to mean.