can anyone explain what a fast track iva is. I saw something about it but dont really understand. do you have to go br first and are the repayments less. also hoew do you go about arranging it and how does it differ from normal iva route. very confusing
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
At present, the only route to a fast track voluntary arrangement is to be bankrupt first - and then what is the point really of proposing an IVA unless it is to protect assets.
These can only be managed by the Official Receiver, and are actually quite rare with most OR's not willing to put them forward.
There is a new type of voluntary arragement being introduced next year which will also serve to be fast-track, and are designed to be a much simpler process.
David Mond predicts April 2009 - I am predicting October 2009. As David is closer to the coalface at the Insolvency Service than I am, his thoughts may be more reliable - but at the end of the day no-one really knows.
As Melanie says, no one really knows what the time scale is. The government seems to keep moving the date.
In the meantime if you are having financial difficulties and are considering an IVA, speak to an IP. Once he or she has all the details of your individual circumstances, he or she will be able to properly advise you on the options open to you. If an IVA is the best route for you and that is the way you want to go, it should not take that long to get your IVA in place.
Kind regards, Elizabeth Pywowarczuk, Insolvency Practitioner.
If you would like me to advise you about an IVA and if appropriate propose one for you, please visit my website at www.liberta.uk.com
if one is already in an iva would it be possible to switch to this new system or once you are in are you locked in and committed. i could probably struggle on for a bit yet if i thought i could reduce the yime spent in debt repayment
sorry mel i thought the idea of the new system would serve to be fast track and that it was a simpler process. this seems to suggest there would beobvious benefits...? are they planning to have a shorter timescale or is it just a reduced paperwork process??
There are benefits for creditors - in that the process will allegedly be cheaper, thereby giving them more money back, and for IP's there will be less unecessary bureaucracy with time better spent on dealing with creditors at an earlier stage to get them repaid quicker.
From a debtor's point of view, there are some advantages, in that there will only be a 50% majority required, rather than 75% - but most of us feel that bar a few specific changes, there will be no earth shattering change within the profession.
