what % of IVA's sucessfully complete

[caraf]

Morning
Does anyone know what % of approved IVA's actually sucessfully complete, without any problems ??

[Adam Davies]

Hi
I think that it's around the 70% mark
Regards

[caraf]

Thanks Andy
So am I right in saying that approx. 10% fail after approval. What is the main reason for failure ??

[Adam Davies]

Hi
Three in ten fail because of affordability issues[the agreed expenditure figures not being realistic],changes in circumstances[income dropping,loss of job,sickness] and finally due to people not really being committed to the lifestyle change that an IVA demands
Regards

[MelanieGiles]

I work on a 95% completion rate, but the national average is around 70%.

[cat 1]

even if people were'nt commited to the lifestyle change an IVA demands.What would thier other option be?Not sure I understand this because creditors would still want thier money and I though people in bankrupcy had ongong fees to pay?

[MelanieGiles]

The ongoing payments under bankruptcy proceedings are only for three years and tend to be a lot lower than you would have to pay under an IVA. Bankruptcy, for a number of people, is starting to become the most favourable option, and I am sure that we will see those numbers increasing over the next few years.

[emma_t]

Hi there caraf

I do not even think about faliure of my iva at all and I have every intention of being in the 95% of Melanie's successfully concluded iva's.

As long as people have a realistic i&e and budget from day one there should be no problems.

How are you getting on caraf?
Have things settled down a bit for you now?

Take care
Emma

[debbiw]

I don't want to fail mine either. I think you have to be totally committed to paying your IVA back. If I lost my job, I would do any job just to make sure my IVA was kept up to date.

[caraf]

Hi Emma
Everything and everyone is fine, thank you.
Yes settled into this budgeting now,and really quite enjoying it. The challenge each week is how much I can save. Going shopping with my two girls on Friday, will be paying Primark a visit I think. It is a great feeling knowing everything is paid for. Also the amount of post I get has cut down by 3/4, in fact i bet the postman only comes once a week now.
Again like you I am not thinking a failure, nothing changes financially in our lives very much so I see know reason why our should fail either.
Cheers and Best Regards
carol
x
x

[emma_t]

my sentiments exactly debbi[:D]

[emma_t]

Great caraf

I am so glad things worked out well for you and you are settling down well.[:)]
Best wishes
Ema x

[debbiw]

Caraf, its so nice to hear that you are sorted now. I followed your story from start to finish, and at the start, you were a complete wreck (LOL). You were in a complete state, and its so nice now to see you back to normality, - well done! Keep it up.

[Lapdog]

I'd also be curious to know at what stage most fail as well.

[Adam Davies]

Hi
I think it's around the 24 month stage
Regards