www.iva.co.uk

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

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

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

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

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

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?

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.

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

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.

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

my sentiments exactly debbi[:D]

Great caraf

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

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.

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

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