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Posted: Tue Feb 14, 2012 8:46 pm
by petercar
what the difference between non protocol compliant &
protocol compliant
Posted: Tue Feb 14, 2012 9:04 pm
by kazzafunk
I believe non-protocal compliant IVA's were those that started prior to 2008.
Posted: Tue Feb 14, 2012 9:08 pm
by Foggy
The PC proposals follow a set protocol ( but can still be amended), to try to get some consistancy, whereas earlier ones can differ wildly.
Posted: Tue Feb 14, 2012 9:16 pm
by kallis3
The majority of IVAs are protocol compliant these days but, if there are any complications, it can revert to non protocol compliant.
Posted: Wed Feb 15, 2012 9:20 am
by Michael Peoples
Protocol IVAs are primarily for straightforward consumer debt IVAs and not for trading businesses. HMRC do not like protocol IVAs and will modify them if they have the chance. Therefore a protocol IVA is unlikely to be suitable for someone who is self employed and has debts to HMRC.
If you are considering an IVA and are self employed be very wary about what you are told particularly with regard to the equity in your property. HMRC want the equity and do not like extensions or properties excluded. They also often request the sale of properties at beginning of an IVA whereas protocol IVAs can protect the home.