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Richard P
Senior Member
United Kingdom
1701 Posts |
 Posted - 11 November 2011 : 14:06:50
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There were 30,219 individual insolvencies in England and Wales in the third quarter of 2011. This was a decrease of 11.0% on the same period a year ago.
Dont know if anyone is analytical with facts and figures, but ill post any way.
The Insolvency service has released it latest review and figures
This was made up of 9,567 bankruptcies (which were down 31.2% on the corresponding quarter of the previous year), 13,048 Individual Voluntary Arrangements (IVAs), (which were up 0.7% on the corresponding quarter of the previous year) and 7,604 Debt Relief Orders (DROs), (which were up 7.6% on the corresponding quarter of the previous year and represent the highest quarterly total since their introduction). In April 2011 a change was introduced to Debt Relief Order legislation to allow those who have built up value in a pension scheme to apply for debt relief under these provisions; this will have increased the overall numbers of those eligible to apply for a Debt Relief Order, and is also expected to have had some impact on the numbers of bankruptcy orders.
Good Luck Richard,
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Blackie
forum expert
United Kingdom
565 Posts |
Posted - 12 November 2011 : 10:06:42
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Hi Richard
Thanks for that information. It makes for interesting reading.
I am not surprised bankruptcies are down with the Court fee increasing twice within seven or eight months. It is just ridiculous and people who really have no option than to enter bankruptcy are being forced into DMP's or IVA's which they can ill afforde.
All the best
John Blackadder
Bankruptcy365
For help and advice on the easiest and most effective way to a debt free future, please go to www.bankruptcy365.co.uk. |
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debtinfo
forum expert
2826 Posts |
Posted - 12 November 2011 : 11:32:37
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| Not really, it is quite clear that people are switching from bankruptcy to dro rather than ivas which have stayed fairly constant |
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Niobe
Administrator
United Kingdom
4590 Posts |
Posted - 13 November 2011 : 10:54:15
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Agree debtinfo.
Bear in mind as well that an IPA now in BR is likely to be as much as, if not more, than payments into an IVA.
Follow through
Make your dreams come true
Don't give up the fight
You will be alright
'Cause there's no one like you in the universe
Jan
xxx |
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Richard P
Senior Member
United Kingdom
1701 Posts |
Posted - 14 November 2011 : 12:35:30
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sorry Kallis
"Bear in mind as well that an IPA now in BR is likely to be as much as, if not more, than payments into an IVA."
where did you get that information from, can i have the link to the official guide or report.
I have found the reverse. still more flexibility with IPA but changes in DRO rules do make them a little more attractive
Good Luck Richard,
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Niobe
Administrator
United Kingdom
4590 Posts |
Posted - 14 November 2011 : 13:53:59
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It has been mentioned on the sister forum and I believe on here but unfortunately I don't have the links.
I don't dispute that a DRO may well be more attractive but if you are paying into an IVA you are likely to have to pay the same amount per month into BR, albeit for a shorter time.
Follow through
Make your dreams come true
Don't give up the fight
You will be alright
'Cause there's no one like you in the universe
Jan
xxx |
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Skippy
forum expert
United Kingdom
3290 Posts |
Posted - 14 November 2011 : 15:16:58
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I have to say I agree with Jan - now that all disposable income over £20 is paid into an IPA the chances are the payments will be similar to an IVA.
View my blog at http://skippy13.blogs.iva.co.uk/
Only when the last tree has died, the last river has been poisoned and the last fish has been caught will we realise that we cannot eat money.
Last IPA payment made on 28th June 2010 and I'm now looking forward to getting married in September 2012 - I'm proof that you can go BR and come out the other side. |
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Richard P
Senior Member
United Kingdom
1701 Posts |
Posted - 14 November 2011 : 16:44:56
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yes but if your circumstances change and your income / expenditure goes up or down the IPA can be adjusted.
if your available income drops too low with the IPA it is suspended for a short while and if appropriate cancelled all together. END OF BANKRUPTCY. end of debts
with an IVA, if in the 5 years your income fluctuates the IVA provider can fail the agreement then what ? You still have all of your debts so it is START OF BANKRUPTCY.
I really question why a self employed person on an irregular income would consider or be encouraged to apply for an IVA, most cases it is putting off the inevitable.
I commend you Jan for seeing your IVA through to the full term but everyones situation is different.
no one really should make a massive decision IVA, BANKRUPCTY or DRO without current guidance or support.(from a practising proffessional)
too many of the posts on this forum and the IVA forum are posted after an event has occurred and the proper thorough prior planning that an expert can bring to the table may have prevented.
Jan we will as ever have to agree to disagree with each other.
Good Luck Richard,
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debtinfo
forum expert
2826 Posts |
Posted - 14 November 2011 : 17:50:16
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i dont believe that jan was commenting on any other area of the IVA/IPA process other than the comparison between the level of payment made given the same income and expenses.
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debtinfo
forum expert
2826 Posts |
Posted - 14 November 2011 : 17:53:29
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| for the record, from my own unscientific and non statistically supported observations it is likely that now an IPA is likely to be about the same as an IVA in most circumstances these days apart from the following 2 reasonably common situations 1) being that excessive mortgage contributions are not allowed in the IPA 2) HP payments are not allowed in the IPA |
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Skippy
forum expert
United Kingdom
3290 Posts |
Posted - 14 November 2011 : 19:34:52
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Richard as you say everyone's situation is different and therefore it's important for anyone who is in trouble to take professional advice.
Once they have the information in front of them it's down to that person to make their decision taking into account their own circumstances, e.g. whether they have assets to protect, whether their employment will be affected etc. And don't forget, some people opt for an IVA as they feel they want to repay as much as possible.
While this is obviously a BR forum, it's important that we give balanced advice along the lines of the sister IVA forum.
View my blog at http://skippy13.blogs.iva.co.uk/
Only when the last tree has died, the last river has been poisoned and the last fish has been caught will we realise that we cannot eat money.
Last IPA payment made on 28th June 2010 and I'm now looking forward to getting married in September 2012 - I'm proof that you can go BR and come out the other side. |
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Niobe
Administrator
United Kingdom
4590 Posts |
Posted - 15 November 2011 : 11:23:06
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Thanks debtinfo - that's exactly what I meant. I was referring to the payments with the same set of circumstances.
Follow through
Make your dreams come true
Don't give up the fight
You will be alright
'Cause there's no one like you in the universe
Jan
xxx |
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Topic |
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insolvency figures
