what % of iva's get approved

[caraf]

Hi
Does anyone know what percentage of iva's getting approved ?? and what happens to those that dont get approved ??

[cr15py]

I heard someone say that about 80% get approved.

Presumably the other 20% go to DMP or bankruptcy?

[aguise]

Yes I think I read about 30% fail. If it fails you are back to square one or could consider a dmp or bankrupcy.

Ang

Please visit my blog at http://aguise.blogs.iva.co.uk/

[Andrew Graveson]

Hi caraf,

The other posters are absolutely correct.

We're handling a significant number of cases where IVA's were either not accepted or where an IP suggested that an IVA were unlikely to be accepted.

Where an individual feels that bankruptcy represents a better option than a DMP this is of course open provided that the individual is insolvent.

Andrew Graveson
Mortgage Broker & Bright Oak Debt Management
andrew@brightoak.co.uk
www.brightoak.co.uk

[catullus]

Experienced IVA providers should be acheiving an approval rate of 90%+ of proposals put to creditors.

80% is the approximate % of IVA's that complete succesfully, based I believe on insolvency service data.

[OPTIMIST12]

That 80% successful completion figure quoted by Catallus is very interesting. I wish it was 100% but obviously that will never happen. It must be absolutely heartbreaking to get so far and then for an IVA to fail part way through. But that also means that about 4 out of 5 make it - and hopefully that figure will rise.

[Adam Davies]

HI
At our debt debate evening in Aug Mark Allen,partner in Grant Thornton,thought that the actual figure for failed IVAs was about 30%.
I think Melanies rate for successful IVA proposals is in the high 90s
Regards

Andy Davie
IVA.co.uk Spokesperson

About me:
http://www.iva.co.uk/andy_davie_profile.asp

IVA Helpline: 0800 197 4838
http://www.iva.co.uk/iva_helpline.asp

[OPTIMIST12]

Andy -

Wow - 30% failure is pretty depressing.Did Mr. Allen say what the main causes of failure are?
Anyway - we are all in the same boat now and must just keep paddling away and hope to reach the other side safely. Hopefully only a very very few of us will be washed overboard. And there is always the forum to fall back on as a lifeboat!!!

[caraf]

If 30% fail, are those failures people who entered into a iva and it failed part way through or are they made up of people who never get their iva approved in the first place

[Adam Davies]

Hi
No,people who get approved but fall overboard[Using Optomists scenario]
Regards

Andy Davie
IVA.co.uk Spokesperson

About me:
http://www.iva.co.uk/andy_davie_profile.asp

IVA Helpline: 0800 197 4838
http://www.iva.co.uk/iva_helpline.asp

[MelanieGiles]

98.3% success rate in my practice for accepted IVAs this year across a portfolio of approx 300 cases, and we have a rate of less than 5% for failed or uncompleted cases over their 5 year term.

If you can get it right at the beginning, and give best advice tailored to your clients individual needs, the proof of the pudding is generally in the eating!

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

To have me propose an IVA for you, please visit:
http://www.melaniegiles.com/ivaEnquiry.asp

See customer feedback at:
http://www.iva.com/iva_companies/IVA_Advice_Bureau.asp

[Adam Davies]

Could the Insolvency Services clone you Mel ?
Regards

Andy Davie
IVA.co.uk Spokesperson

About me:
http://www.iva.co.uk/andy_davie_profile.asp

IVA Helpline: 0800 197 4838
http://www.iva.co.uk/iva_helpline.asp

[MelanieGiles]

I'm in no way unique. There are lots of very good IPs out there, who have never been involved in glossy advertising or mass volume processing, who quietly get on and do a good job.

I think that the results speak for themselves, and I am looking forward to showing you more of this when we catch up in December.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

To have me propose an IVA for you, please visit:
http://www.melaniegiles.com/ivaEnquiry.asp

See customer feedback at:
http://www.iva.com/iva_companies/IVA_Advice_Bureau.asp