IVA question again ..

moneysavingplumber

Not sure if this is any good to you or if it's even accurate as yet so don't take my word on this , but I have read recently about the launch of a new IVA hoped for spring next year that will be an a straight choice for the creditors, accept or not, no modifications and no annual review, not sure about the equity release but would guess that may be scrapped as well. It's been referred to as the SIVA and also as the Fast Track Voluntary Arrangement (not to be confused with something of the same name currently available), be interested to get more details if anyone in the industry knows about this and how it might affect or help people like the OP.

fermi

moneysavingplumber wrote: »

Not sure if this is any good to you or if it's even accurate as yet so don't take my word on this , but I have read recently about the launch of a new IVA hoped for spring next year that will be an a straight choice for the creditors, accept or not, no modifications and no annual review, not sure about the equity release but would guess that may be scrapped as well. It's been referred to as the SIVA and also as the Fast Track Voluntary Arrangement (not to be confused with something of the same name currently available), be interested to get more details if anyone in the industry knows about this and how it might affect or help people like the OP.

Is that this?

http://www.insolvency.gov.uk/insolvencyprofessionandlegislation/policychange/foum2007/plenarymeeting.htm

Or is that something different?

moneysavingplumber

fermi wrote: »

Is that this?

http://www.insolvency.gov.uk/insolvencyprofessionandlegislation/policychange/foum2007/plenarymeeting.htm

Or is that something different?

Not too sure, will have to mull through that later, I know there is reference to a Fast Track Arrangement on the Insolvency Service site that I think is unrelated. It may be it's being kept low-key so that there isn't a massive hold-back on people taking up IVAs in the preceding months to the launch, or it may be for special circumstances, I really don't know. I've only seen it referenced by IPs on IVA boards and they don't seem too sure about it either, be good to know more if it may affect peoples' options in the near future though.

fermi

moneysavingplumber wrote: »

Not too sure, will have to mull through that later, I know there is reference to a Fast Track Arrangement on the Insolvency Service site that I think is unrelated. It may be it's being kept low-key so that there isn't a massive hold-back on people taking up IVAs in the preceding months to the launch, or it may be for special circumstances, I really don't know. I've only seen it referenced by IPs on IVA boards and they don't seem too sure about it either, be good to know more if it may affect peoples' options in the near future though.

Looking at it a bit further, it may be this instead which was a consultation started in 2005 by the looks of it.

2005: http://www.insolvency.gov.uk/insolvencyprofessionandlegislation/con_doc_register/ChangesToIAandCDDAConDoc.doc

Then:

2007: http://www.insolvency.gov.uk/insolvencyprofessionandlegislation/con_doc_register/proposedchangestoIVA.pdf

But I'm not sure where that is up to now.

IVA legislation/rule changes isn't something I've kept too close an eye on really.

moneysavingplumber

fermi wrote: »

Looking at it a bit further, it may be this instead which was a consultation started in 2005 by the looks of it.

2005: http://www.insolvency.gov.uk/insolvencyprofessionandlegislation/con_doc_register/ChangesToIAandCDDAConDoc.doc

Then:

2007: http://www.insolvency.gov.uk/insolvencyprofessionandlegislation/con_doc_register/proposedchangestoIVA.pdf

But I'm not sure where that is up to now.

IVA legislation/rule changes isn't something I've kept too close an eye on really.

Yes that's it. Can't see a specific proposal regarding equity release, although maybe that is a standard modification and not a prerequisite? Sounds like it will be much improved though, although one of the concerns raised is that there may be more rejections as a result, although I was amazed at the increase in IVAs since I took mine on (7583 in 2003 to 44332 in 2006!).