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m and v
Average Member
United Kingdom
760 Posts |
 Posted - 20 May 2008 : 13:25:40
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I didn't realise you had to pay just to have an IVA proposed!!! Is this right experts??
Vicki x |
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JulianDonnelly
Junior Member
United Kingdom
325 Posts |
Posted - 20 May 2008 : 17:02:28
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It depends which firm you go to some will charge an upfront fee where as others will draw their fee from the contributions if the IVA proceeds.
Julian Donnelly
Spokesperson for www.Bankruptcyhelp.org.uk |
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melanie_giles
Senior Member
1191 Posts |
Posted - 20 May 2008 : 20:17:22
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I think that Hammy makes his point rather well - and is merely suffering from events which affect my profession every single day. I just wish that the stand that he is preparing to take would alter this process in some miniscule way, but sadly the creditors will take not one bit of notice, and another good honest person is forced to the bankrutpcy court.
For an informal chat about any financial difficulties, or advice as to the options available, I can be contacted via my website - www.melaniegiles.com |
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hammy0107
Junior Member
399 Posts |
Posted - 20 May 2008 : 21:05:56
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| Thank you Melanie |
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m and v
Average Member
United Kingdom
760 Posts |
Posted - 20 May 2008 : 21:23:44
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Join the club Hammy! My creditors declined a lump sum of £25k against £63k of debt.
Now I am BR and they will get nothing - not a penny!
Vicki x |
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Helpful Advice
Average Member
United Kingdom
646 Posts |
Posted - 20 May 2008 : 22:39:26
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I have seen some daft decisions made by creditors over the last ten months, however I truly believe the banks and financial institutions are cutting off their noses and think they will certainly have to review their decision making with regard to IVA's as the Bankruptcy numbers grow and IVA numbers fall more from their stupidity then anything else.
Being a Bankruptcy specialist my business is growing because of their decision making, however it saddens me that I see people who don’t want to go Bankrupt, they want to contribute towards their debts and see the IVA as the right vehicle to do so only to be rejected
Kind Regards,
Brett England
Bankruptcy Specialist
England,Jackman & Spacey
WebSite www.ejands.co.uk
View my personal story & blogs at:
http://brettengland.blogs.bankruptcyhelp.org.uk/ |
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m and v
Average Member
United Kingdom
760 Posts |
Posted - 20 May 2008 : 22:46:02
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Brett - do creditors get paid out by insurance when their debtors default? What I mean is - are they not bothered if they get paid back by us, is IVA an inconvenience and BR an easier option for them?
Vicki x |
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Helpful Advice
Average Member
United Kingdom
646 Posts |
Posted - 20 May 2008 : 22:52:37
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Hi Vicki,
It depend on the creditor, however they certainly prefer debt management to IVA's as a debt management plan will remain on the banks balance sheet showing as a profit whereas Bankruptcy and IVA's are formal insolvency therefore they have to right the debt off.
My feeling is the banks are rejecting IVA's so that more and more people fall back to Debt Management rather than Bankruptcy and if the figures for debt management were made public you would more than likely see it is the case that more will opt for a DMP rather than Bankruptcy.
If the DMP remains on the banks balance sheet then they can use this to borrow more money.
Kind Regards,
Brett England
Bankruptcy Specialist
England,Jackman & Spacey
WebSite www.ejands.co.uk
View my personal story & blogs at:
http://brettengland.blogs.bankruptcyhelp.org.uk/ |
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m and v
Average Member
United Kingdom
760 Posts |
Posted - 20 May 2008 : 22:59:48
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They just seem to have unrealistic expectations for people in debt and obviously struggling.
I could really get into this line of work. I can understand now why you and the other experts on this forum feel so strongly about helping others through BR.
Vicki x |
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Really worried
