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yes particularly interesting are the failure rates as commentated on in the above link

 

"Between the years 1990 and 2002, inclusive, the percentage of IVAs registered that resulted in termination remained fairly steady at around the 30% mark (the lowest figure in this period being 28% for 2001 registrations and the highest 33% for 1995 registrations). The percentage of terminations has since followed a generally upward trend from 30% for 2002 to the level for 2007 registrations, which currently stands at 37%. As at September 2012, nearly 50% of IVA registrations in 2007 were still ongoing (Table 1 below), so this figure is likely to increase going forward; for the most recent years a trend has not yet emerged as a high percentage of IVAs are still ongoing (as shown below, 2004 is the final year where the final status is known for over 95% of registrations)"

thoughts on why?

 

my guess would be the commercialisation of the market, you know all those wipe

75% of your debt out adverts

 

I think people believed the hype and moved from thinking about bankruptcy to thinking about IVA's instead. often 3 years in when they lost their income they then come to understand it is not as advertised

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yes particularly interesting are the failure rates as commentated on in the above link

 

"Between the years 1990 and 2002, inclusive, the percentage of IVAs registered that resulted in termination remained fairly steady at around the 30% mark (the lowest figure in this period being 28% for 2001 registrations and the highest 33% for 1995 registrations). The percentage of terminations has since followed a generally upward trend from 30% for 2002 to the level for 2007 registrations, which currently stands at 37%. As at September 2012, nearly 50% of IVA registrations in 2007 were still ongoing (Table 1 below), so this figure is likely to increase going forward; for the most recent years a trend has not yet emerged as a high percentage of IVAs are still ongoing (as shown below, 2004 is the final year where the final status is known for over 95% of registrations)"

 

thoughts on why?

 

my guess would be the commercialisation of the market, you know all those wipe

75% of your debt out adverts

 

I think people believed the hype and moved from thinking about bankruptcy to thinking about IVA's instead. often 3 years in when they lost their income they then come to understand it is not as advertised

 

Hi debtinfo

 

Yes, I agree with your point on 'commercialisation of the market' some of the adverts used to make me wince to be honest. You forgot the 'little known goverment legislation' one by the way.

 

Where commission, other income, marketing, sales and profit are involved then in my humble opinion debt advice can never be truly independent and impartial.

 

A disturbing aspect to these figures is the percentage of IVAs still ongoing as you point out. The way it looks then perhaps it is possible that the termination rates for some years could nudge towards the 50% mark in time which if is what turns out to be the case would be horrendous as we would more or less be talking about a toss of a coin as to whether the IVA would terminate or not, quite incredible really.

 

Given the current economic climate then it is hard to see how many more IVAs wont go the same way (fail, terminate) and there must be a significant number already in arrrears.

 

The IVA providers and IPs have a job on their hands, the better ones will prevail if you ask me, but its going to be a tough time alround.

 

It just makes you wonder just how high the termination rates are for some companies, you never know they might tell us one day, maybe publicise them on their websites along side the client testimonials or something.

 

Looking round it seems to me that the penny is dropping that there are real problems now and very likely much worse to come, will it save IVAs or not, its a good question.

 

Some of the genuine FREE face to face agencies are bracing themselves for more problems with IVAs in the new year, might clog up the waiting times and lists even more. A ridiculous situation really in turn making some of the comments about those who can afford to pay for debt advice should do nothing more than a marketing and sales pipe dream.

 

My opinions as always

Edited by Wintry

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Hi

 

Hard times for more UK households, ONS report shows...

 

http://www.bbc.co.uk/news/business-21041946

 

The pressure on people in debt payment arrangements has to increase.

 

We are only into the middle of January and where I am the new IVA problem enquiries are already on the rise. If this pattern is countrywide then the situation must be of Titanic proportions.

 

It is hard to imagine what the case would be if people could actually access their IVA providers at their offices open door face to face.

 

What is amusing though is that we still see adverts from some profit outfits like - why wait to see the CAB when you can ring and get dealt with more or less straight away, yes it is hilarious in some instances, what a joke!

 

A rough ride ahead for the IVA industry and a real danger of meltdown in my opinion.

 

Where have all the experts gone?

 

My opinions

Edited by Wintry

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