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IVA failure/completion stats now released for 1987 - 2008
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fermi
Posts: 40,542 Forumite
New Official Statistics showing the outcome status for IVAs registered in England and Wales each year from 1987 until 2008 will be published here on Friday 4 December 2009. These will report numbers and percentages of IVAs that have completed their term; have failed; or are still ongoing.
Click here to view the detailed tables from 1987
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/bankruptcy/alternativestobankruptcy.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.
Click here to view the detailed tables from 1987
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/bankruptcy/alternativestobankruptcy.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.
Free/impartial debt advice: National Debtline | StepChange Debt Charity | Find your local CAB
IVA & fee charging DMP companies: Profits from misery, motivated ONLY by greed
IVA & fee charging DMP companies: Profits from misery, motivated ONLY by greed
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Note: It should be remembered that the figures for the recent few years cover IVAs that are still ongoing.
So the drop to 10% in 2008 for failure may look dramatic, but that is 10% of IVAs that started in 2008. These still have 3/4 years to go, during which anything can happen and cannot yet be included in the stats.Free/impartial debt advice: National Debtline | StepChange Debt Charity | Find your local CAB
IVA & fee charging DMP companies: Profits from misery, motivated ONLY by greed0 -
Note: It should be remembered that the figures for the recent few years cover IVAs that are still ongoing.
So the drop to 10% in 2008 for failure may look dramatic, but that is 10% of IVAs that started in 2008. These still have 3/4 years to go, during which anything can happen and cannot yet be included in the stats.
does that not also mean the figures for the previous years 04/05 onwards could also change as they are ongoing too
If so only the figures before that mean anything, am i looking at it the right way? Thats it, i am done, Blind-as-a-Bat has left the forum, for good this time, there is no way I can recover this account, as the password was random, and not recorded, and the email used no longer exits, nor can be recovered to recover the account, goodbye all ………….
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blind-as-a-bat wrote: »does that not also mean the figures for the previous years 04/05 onwards could also change as they are ongoing too
If so only the figures before that mean anything, am i looking at it the right way?
Correct. That is why you need to be very cautious about interpretation.
The agreements that are still ongoing might still complete/fail or might/not.
The latest figures are not totally meaningless, but you have to understand the basis for them.
What would be interesting to see would be the rolling stats on failures for agreements after 1, 2, 3, etc years. Particularity interesting would be to see the trend on failures within 1 or 2 years over time.
The IS must have the above data. I wonder if they can be persuaded to post it?Free/impartial debt advice: National Debtline | StepChange Debt Charity | Find your local CAB
IVA & fee charging DMP companies: Profits from misery, motivated ONLY by greed0 -
Correct. That is why you need to be very cautious about interpretation.
The agreements that are still ongoing might still complete/fail or might/not.
The latest figures are not totally meaningless, but you have to understand the basis for them.
What would be interesting to see would be the rolling stats on failures for agreements after 1, 2, 3, etc years. Particularity interesting would be to see the trend on failures within 1 or 2 years over time.
The IS must have the above data. I wonder if they can be persuaded to post it?
No they are not entirely, and you could argue it may be worrying as the failure is as high or higher as the earlier 'completed' years already which could point to it being a lot higher, or not;):p dont you just love stats:DThats it, i am done, Blind-as-a-Bat has left the forum, for good this time, there is no way I can recover this account, as the password was random, and not recorded, and the email used no longer exits, nor can be recovered to recover the account, goodbye all ………….
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blind-as-a-bat wrote: »No they are not entirely, and you could argue it may be worrying as the failure is as high or higher as the earlier 'completed' years already which could point to it being a lot higher, or not;):p
Maybe, or maybe not.
Interesting that the 2006 rate is almost up as high as some of the earlier rates where the 5 years are up.
But you can also argue that an IVA is most likely to fail during the first few years, so who knows what will get added on.
Then with the recession/job losses, in the last couple of years there are bound to be a lot of people failing who were until then managing quite well.
So which way will it swing?blind-as-a-bat wrote: »dont you just love stats:D
No. I hate them. :mad:
Hated them during A levels
Hated them during my degree.
And bloody nightmare as a postgrad.
[/whinge]Free/impartial debt advice: National Debtline | StepChange Debt Charity | Find your local CAB
IVA & fee charging DMP companies: Profits from misery, motivated ONLY by greed0 -
looks to me from the figures that there is a very slight general increase in failures in the lasr few years taking into account that they have not yet finished but that the nearer they are to the end the more likely they are to finish. As i said a general trend but as this year has been an exceptional one then it could be much higher, to soon to tell and not yet reflected in the figures. One thing that comes out of this is perhaps it should be made clear to people taking on IVA's rather than bankruptcy (as they like to do comparisons in the agreement) that in bankruptcy your debts will be wiped 99.9% of the time and in an IVA it is only 66% of the timeHi, im Debtinfo, i am an ex insolvency examiner and over the years have personally dealt with thousands of bankruptcy cases.
Please note that any views i put forth are not those of my former employer The Insolvency Service and do not constitute professional advice, you should always seek professional advice before entering insolvency proceedings.0 -
As I make a living from analysing stats... I find them intensely interesting
I'm very sad though!
Stats like these are interesting but are what is called "snap shot data" mainly. That means to get a true comparison and idea of trends you need the same "snap shot" taken at the same time last year, year before etc to get a true idea of what they mean
What I DO find disturbing is that out of the IVAs started last year with several years yet to run then already 10.9% have failed. And then you have the fun anomalies... why are there IVAs still running after 20 years! :eek: are they really running or is the data flawed... DFW Nerd #025DFW no more! Officially debt free 2017 - now joining the MFW's!
My DFW Diary - blah- mildly funny stuff about my journey0 -
yes i also wondered why some of them were still running from 1988! :eek:0
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It could just be the IS never got confimation the IVA finished/failed, and just got 'lost' in the system, doubt they are truly still running, but you never know Thats it, i am done, Blind-as-a-Bat has left the forum, for good this time, there is no way I can recover this account, as the password was random, and not recorded, and the email used no longer exits, nor can be recovered to recover the account, goodbye all ………….
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But if that was the case then IS should have verified that data before publishing... I can only assume that they would have checked this before releasing the data (if not then someone needs to be retrained - you ALWAYS manually check any anomalies (if not all your data) before you publish stats! ) DFW Nerd #025DFW no more! Officially debt free 2017 - now joining the MFW's!
My DFW Diary - blah- mildly funny stuff about my journey0
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