www.iva.co.uk

Hello all, I wondered what your thought of the new protocols ?
click on the link - http://www.insolvency.gov.uk/insolvency ... otocol.doc

The reason i ask this is because i see they are now endorsing the CCCS guidelines or the CFS guidelines, both of which has led to some 'debate' in other posts on this forum.

any comments ?[:)]

Hi
I welcome the new protocol.
There are clear guidelines for equity release and income increases.
The CCCCS guidelines can be tight but the IP had discretion to reduce payments by 15% so this should help people with budgets that are simply too tight.
I hope that ALL creditors comply with the spirit of the protocol.
Time will tell
Regards

I attended the meeting yesterday in London to launch the new protocol, and whilst there were no great suprises, it was pleasant to undertand that we are now all on the same team and that bankers trust in the insolvency regime is being restored.

The proof of the pudding as always is in the eating, and things will take a little while to bed in, but I am sure that we are moving in the right direction. The CCCS guidelines are due to be updated in May 2008 for inflationary rises, so the allowances should be made less stringent.

Hi Mel
Is this protocol for all creditors or just the major banks ?
I'm thinking of Black Horse finance who seem to reject IVAs full stop
Regards

The BBA referred to 28 different lending institutions, so I assume that Black Horse were included - but I will check with the people who represent them and report back.

Cheers both,

I totally endorse this new statement and hope this will bring the factory IVA's to a stop. IVA's offer a common sense alternative to bankruptcy that has been abused by some unscrupulous fee chasing IVA companies and debtors alike in recent years.
I was not aware that BH habitually voted agsinst IVA's as Northern Rock do. I think that Lloyds have signed up to this so BH should automatically do so !