www.iva.co.uk

This may be a stupid question, but I have seen lots of posts stating 'iva protocol'. What does this actually mean? The terms of my IVA seem to differ greatly from some of the posts on here. e.g I don't have the 10% rule on additional income, I split it 50/50. Is this common?

When was your IVA approved?

Baldy

I am just going into my 3rd annual review

Dont worry about your IVA being different,they all are,even ones that are protocol iva's can differ.

I think the iva protocol was an attempt to improve the service offered by firms by standardising elements of the arrangement.

Not all companies use the protocol version and creditors often want variations added to iva's.

Basically as long as you know whats in your there is nothing to worry about.

Paul

took this from another site.


"Protocol Compliant" IVA in straightforward consumer credit cases

The Insolvency profession in conjunction with various creditors representatives has devised a form of IVA called a "protocol compliant IVA". In essence, provided that the deal which is proposed meets the criteria laid down by the creditors then it is likely to be accepted by the creditors.

Protocol compliant IVAs generally provide for the level of monthly income contributions to be fixed in accordance with Consumer Credit Counselling Service guidelines. If the individual owns their own home, this will need to be valued in the forth year of the arrangement and any equity in excess of £5,000 must be put into the pot by way of a re-mortgage, up to 85% of the property's value.

There are also certain requirements as to dividend payments and practitioner charges which must be met.

For a number of reasons (including the restrictions on practitioner charges), most protocol compliant IVAs are arranged via a small number of very large IVA companies. They are able to process such cases in volume, cost effectively, often without ever having met the client.


Paul

I think Plastic Draft has answered it pretty much for you. You can actually down load a copy of the 2010 protocol but its pretty basic, its what you have signed up to that really matters.

I think most people dont realise that they dont have to agree with everything thats suggested to them!, but most IP's are giving you good advise on what creditors are expecting and what would be fair to you.

I guess its down to the individual IP's who are drafting it to decide whas good for their client.
Baldy

It really doesn't matter whether your iva is protocol compliant as long as you're happy with it. Mine isn't but a lot of the terms are the same. x

What an interesting passage you have quoted Paul. Which website did that come from?

I found this when searching for more information about IVA Protocol.

http://www.cleardebt.co.uk/media/38222/ ... otocol.pdf

As far as I was aware, any IVA done after Feb 2008 was done via the protocol unless there were any complications.

The protocol changed again in 2010 but I think most are protocol compliant these days.

The protocol is an instrument of choice Jan - and there are still many IPs who do not use it.

Thanks Mel, I thought they all had to use it unless there were circumstances that dictated otherwise.