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firefox
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Joined: 13 Nov 2004
Posts: 7
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 Posted: Sat Jan 01, 2005 5:51 pm Post subject: IVA Is it a good thing or one to avoid ? |
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Ive come across IVA's on the web and am tempted as an alternative to bankruptcy. Anyone done one ? whats the pro's and cons ?
Thanks all. |
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Deborah
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Joined: 12 Jul 2004
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| Posted: Sat Jan 01, 2005 5:57 pm Post subject: |
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As you mentioned, an IVA is an alternative to bankruptcy. It is more suitable for those in profesional employment where bankruptcy is likely to have a big impact i.e. accountants, solicitors.
Also you need to be able to meet the monthly or lump sum payments demanded by the arrangement.
The IVA is a formal process arranged through the County Court, where you would agree to pay your creditors off over a number of years. The arrangement is via an Insolvency Practioner and they are likely to charge a siginficant fee, so only really viable for large debts i.e. over 50k
You will need 3/4 of your creditors (as per size of the debt) to agree to the IVA in order for it to go through the courts.
Once inforce, you must stick to the IVA, and they tend to be pretty inflexibale, as if you fail to stick to it you could be forced into bankruptcy
See the factsheet below for more info
http://www.nationaldebtline.co.uk/england_factsheets/factsheet_26.php3 |
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Neo
Saving Enthusiast
Joined: 24 Oct 2004
Posts: 147
Cash Points ££ 595.04
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| Posted: Sun Feb 27, 2005 9:56 pm Post subject: |
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| Its only a viable option if your a professional and need to avoid bankruptcy for job reasons i.e. a solicitor or accountant, and you have a load of debts, otherwise you may regret it |
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Tewbacca
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Joined: 19 Apr 2006
Posts: 2
Location: Middle England
Cash Points ££ 15.00
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| Posted: Wed Apr 19, 2006 4:57 pm Post subject: |
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I was under an IVA from 1999 to 2005 - partly because in my line of work it was a disciplinary offence to be bankrupt but also because it is a better way, I feel, of sorting out debt problems.
I had £32,000 of debt at the age of 21yrs (thanks to an ex!) and was given the details of CCCS to make contact with - they were free and I was then forwarded to a company called Shaws Insolvency Practioners, based in London. I did NOT have to pay for them at all - they took their fees from the creditors not me.
I attended a creditors meeting and none of them turned up. They voted in favour by Fax (only 75% need to agree) and the agreement was put in place over 5 years.
Shaws sat down with me and we went through all my living expenses, even down to little things like the occasional magazine for my sanity! A repayment was agreed and the plan put in place. I had great pleasure in sending snotty replies to creditors that tried to chase me by reminding them I was under a signed Affidavit from the county court which meant I was protected from their chasing and just referred them straight to Shaws.
My payments were reviewed once a year and only increased once in the 5 year period.
They IVA's ARE flexible as long as you talk to the Insolvency company that are dealing with you - I had 3 payment holidays which were just added to the end of the IVA plan.
It seems like a long time but I am out of my IVA now and clear of the 1 year "creditworthy" period and my credit status is back to normal - as good as ever! It went by so fast.
It taught me to be disciplined with money whereas I think Bankruptcy is an easy way out of your responsibilities and you can easily go off and rack up more debt.
I would recommend someone with unsecured credit problems to consider an IVA as opposed to Bankruptcy.
I also recommend subscribing to an online credit score company like Equifax - I am subscribed to their Gold service and I can check my credit record whenever I like and it is up to date to the minute.
Since going through all this I have helped 2 other friends to sort out their problems in the same manner.
Definately would recommend this as opposed to the latter.
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londonladybird
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Joined: 02 Apr 2007
Posts: 1
Cash Points ££ 23.84
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| Posted: Tue Apr 03, 2007 3:28 pm Post subject: |
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I set up an IVA recently because I had huge debts but didn't want to have to go bankrupt. The good thing for me was that my creditors agreed to write off more than half of my total debt and because they agreed to an IVA they're not allowed to write me aggressive letters anymore.
There are lots of companies that can help you set them up and I guess some are better than others.
I used one called Clear Start which I found on the web. The guy I spoke to was really nice and helpful and I didn't feel like I was being pushed down a path that wasn't right for me.
I think the CCCS is also supposed to offer good advice, but i didn't use them so I can't tell you much about them. |
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