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Posted: Tue May 05, 2009 11:04 am
by flow13
I was wondering if there are many IVAs set up where 100p in the £ is paid back? Is this a rarity at all?
Posted: Tue May 05, 2009 11:10 am
by kallis3
It does happen - don't think it's that often though.
Posted: Tue May 05, 2009 11:27 am
by Michael Peoples
It is not unusual where a client has been made bankrupt for an IVA to be offered with 100p in the £. This stops the bankruptcy from proceeding and the client losing their home. The costs and implications are less than bankruptcy and once the IVA is approved the bankruptcy is annulled.
If a debtor has received a bankruptcy petition a DMP is no longer an option so an IVA can also be drafted which allows the debtor time to repay either by sale of assets or voluntary contributions. This again can also be to the benefit of all concerned.
Posted: Tue May 05, 2009 11:27 am
by Sarah
Mine wasnt set up as 100p to the pound but due to changed circumstances this is what i will be paying back (i was very lucky with a job)
Posted: Tue May 05, 2009 11:28 am
by LoneRanger
Would that normally come from Full and Final offers though Jan? Assuming you could pay 100p back over 5 years you wouldnt really consider an IVA?...fees and all that.
Posted: Tue May 05, 2009 11:29 am
by flow13
Thank you for your replies!
Posted: Tue May 05, 2009 11:29 am
by David Mond
On the contrary we have recently been doing a few - but overall not too often - but it certainly allows for those debtor's who want to fully repay any of their obligations a method by which they can solely based on affordability, achievability and in the debtor's best interest.
Posted: Tue May 05, 2009 11:41 am
by kallis3
It's not necessarily from a full and final Steve.
If you work loads of overtime or get bonuses, you can pay it back that way.
Posted: Tue May 05, 2009 11:43 am
by LoneRanger
I guess so. Didnt really look at it like that.
Posted: Tue May 05, 2009 6:27 pm
by MelanieGiles
Creditors generally do not like 100p in the £ IVAs, unless as Michael says they are post-bankruptcy cases where the return to them could be effected quicker than if the bankruptcy were to run its course.
Posted: Tue May 05, 2009 6:31 pm
by ivas4us
Hopefully tomorrow I will find out how much creditors like 22p in the £
Posted: Tue May 05, 2009 6:33 pm
by sparklywatcher
am sure it will go great Ivas4us xxx
Posted: Tue May 05, 2009 6:35 pm
by ivas4us
it should do. I am sure David will get the right result. Perhaps he might be on later with some last minute advice.
Posted: Tue May 05, 2009 6:37 pm
by sparklywatcher
All you can do is sit back and let David do his thing... I am sure he will do his best for you and get you the result you so rightly deserve xx
Posted: Tue May 05, 2009 7:26 pm
by lull65
Hi Ivas4us
Good luck for tomorrow. Mine was accepted in April paying 17p in the £.
Helen