IVA failure rates released

[debtinfo]

IVA failure rates released by IS today

 

[debtinfo]

and the notes

 

Notes for statistical data on IVA outcomes.

 

An Individual Voluntary Arrangement (IVA) is an alternative formal debt

solution to bankruptcy and was established by Part VIII of the Insolvency Act

1986. It is a legally binding agreement between a debtor and his creditors

about how the debts will be paid (either in full or in part).! An application is

made to court and an insolvency practitioner has to be appointed to

supervise the arrangement.!More detail about IVAs is available here:

http://www.insolvency.gov.uk/bankrup...bankruptcy.htm

 

Definition of terms

 

Completion:-

 

Where the supervisor has issued a certificate (“the completion certificate”)

stating that the debtor has complied with their obligations under the

arrangement.

 

Termination (Failed):-

 

Where the supervisor has issued a certificate (“Certificate of Termination”)

ending the arrangement because of the debtor’s failure to keep to the terms of

the arrangement.

Ongoing (Current):-

 

Where the arrangement is continuing.

 

Revoked or suspended:-

 

Where an application to court has been !made to challenge the decision !of a meeting approving an IVA, the court may revoke or suspend the approval or call for further meetings to be held. Notification of such action should be forwarded to the Secretary of State within 7 days of the making of the order

[Wintry]

Hi debtinfo

 

Well, well, here we have them at last.....the elusive figures, oh dear.

 

I dont know if it is just me debtinfo, but to date they seem to have been met with an 'eerie silence' in some quarters, or should that be a 'deafening silence' almost as if they dont exist, dont you think?

 

They certainly make interesting reading.

Edited December 5, 2009 by Wintry

[debtinfo]

and even abuse in other places i posted it, not relevent apparently. Dont get me wrong, IVA's are a very important part of the insolvency framework. But i think people should be aware of these figures when signing up. Even better as we all know that some IVA companies are much better than others it could provide an oportunity for the better ones to show how their failure rate is better than the average

[Wintry]

Hi

 

abuse, not relevant, Oh I say.

 

Agree with your post entirely debtinfo.

[Wintry]

Still quiet on the IVA failure figures front????

[loobyloo85]

I think they should have a breakdown of companies success rates, as not all IVA companies are the same.

[debtinfo]

Very good point, although it might be a selling point for companies in the future if they can show that there rate is better than the national average.

[loobyloo85]

Yes, but I do feel that a lot of companies give a good service, and then others really take the mick, and give a bad name for the good companies:(

[refusenik]

I think the best advice anyone to conisdering IVA or BR, is to go to a not-for-profit group first, they'll always give you advice that's in your best interests. I found Myvesta extremely good.

[Wintry]

Hi all

 

Much awaited figures / tens of thousands of IVAs terminated / failed (unless I have read these figures wrong!) and yet, a couple of weeks on, all around the forums / websites and anywhere basically (unless I have missed something) 'still' none of these providers or their 'agents' (I was going to put 'salesmen', but I didn't) seem to want to comment or even mention them.

 

Strange really for an 'industry' that in some cases (in my opinion) advertises / boasts on percentage figures such as 70 percent write offs / little known goverment legislation and occasionally refers people to reviews of individual companies etc.

 

It would appear that some people may have been proved right all along:)

 

Come on guys, where are you??

 

PS - Do not get me wrong here - an IVA can be a suitable solution in the right circumstances and at the end of the day it is the debtors choice, but hey, these figures are somewhat frightening to say the least (in my opinion:)) and deserve at least some explanation......I would think? or maybe I am missing something.

Edited December 16, 2009 by Wintry