Why is an IVA for 5 years unlike Bankruptcy which is 1 year.
I mean if a person in this country is Jailed for say 5 years which is legally binding they are out in 2.5 for good behavior but us people in IVA's have to see the whole thing through to the Bitter End.
I mean those MP's who fiddled there expenses are walking the streets now but we have to go the whole hog Why!!!!
And your credit record is shot for the same amount of time.
It can also have more far reaching implications afterwards than an IVA does.
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
It doesn't have to be for five years either - you can propose a full and final from the outset or at anytime during the term.
You can't do that with bankruptcy and, depending upon your circumstances, you could end up with a BRO/BRU which makes it worse!
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
An iva is a choice not a punishment and we stay in the iva to the bitter end by choice because we have decided it is our best option. Having debt written off isn't a punishment.
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
An IVA is a choice you can make and one that is not an easy decision...however bankruptcy too is not an easy decision .....you could still land up paying for 3 years !
We borrowed the money on the belief we were going to pay it back to our creditors...therefore to pay for five years and to then have what we can't pay off cleared - to me that is a fantastic opportunity and we should feel very priviledged to have been given a second chance!
Sharing from experiences of dealing with debt
There is a solution for everyone .... Just need to stay positive !
When I first started proposing IVAs in the 1990's, they generally ran for three years in line with the then timesecale of the bankruptcy period. Creditors have over time increased their demands to the extent that we now see five or six year IVAs as the norm. The basis behind this was to maximise their returns over what was felt like a more realistic timescale, and designed to give creditors a greater return than would be available under bankruptcy proceedings.
Good reply Mel,but the UK is in bust and not in boom.There is worsen job prospects with higher taxes let us not forget that banks are in debt,a quarter of a trillion quid printed money in circulation and the private sector cannot soak up public sector job loses,even coppers will be made redundant in new changes proposed.A 5 year Iva is out of sync with the new economic model of little growth and indisposable income.Change the rules.
I don't understand why the details of a IVA are kept on the insolvency register for the entire length of time that the IVA is running so 5-6 years yet a BR comes off 1 year from when it went on, even when a IPA is going for longer than a year.
We're willing to wipe the slate clean, give you a fresh start. All that we're asking in return is your cooperation.
Presumably because you have been discharged from BR? Don't forget that not everyone gets an IPA so they can be debt free straight away.
We stay on the register because the IVA is current until it is paid off.
I do agree though that if you have an IPA you should stay on the register until it is paid off.
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
