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% of IVAs that actually complete?
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The_Swerve
Posts: 78 Forumite

in IVA & DRO
Just wondering how many IVAs actually fail to get through to the end. With the current economic situation, it would seem all out futures are getting more and more uncertain employment wise, and with inflation starting to really kick in, I would have thought the ratio of IVAs completed into to IVAs entered into would be on the decline???
Anyone got any thoughts on that?
Ta
Anyone got any thoughts on that?
Ta
0
Comments
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I would say so too. No one can afford to keep up with the payments. Some are quite high. I'm sure someone with a wealth of experience will be along soon.
Good question by the way:smileyheaMarried on 20/07/2012! :smileyhea
:DBought my new car 11/08/12:D:cool: Save £12k In 2013 Num 009! £5502/£5000 :cool:
Save £12k in 2014 Num 22! £2131/£3000
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From the Insolvency Service.
Individual Voluntary Arrangement Outcome Statistics
Statistics showing the numbers and percentages of individual voluntary arrangements registered in each year from 1987 that have since completed, failed or are still ongoing (as at May 2010) were published on Friday 16 July 2010.
Individual Voluntary Arrangement Outcome TablesFree/impartial debt advice: National Debtline | StepChange Debt Charity | Find your local CAB
IVA & fee charging DMP companies: Profits from misery, motivated ONLY by greed0 -
You are correct in that tough times are here -- and likely to become worse. Hopefully the creditors will have a bit of sense and be a little more flexible with variations to allow more IVA's to survive until completion
Of course, this will also need IP's to take a realistic view, too, as many seem hell bent on sticking to the proposal come hell or high water.0 -
From the Insolvency Service.
Individual Voluntary Arrangement Outcome Statistics
Statistics showing the numbers and percentages of individual voluntary arrangements registered in each year from 1987 that have since completed, failed or are still ongoing (as at May 2010) were published on Friday 16 July 2010.
Individual Voluntary Arrangement Outcome Tables
Thanks for that....brill
So on average about a third do not actually get to completion. One would hope that if its going to fail it would fail fairly early on!!!0 -
makes me wonder, how many people get through the IVA and get themselves into bother again within a couple of years or so.
Dont worry I am not wanting anyone to go and find the answer, just idly thinking!!!0 -
Yes about one third usually fail at some point, some as late as the final year but most sooner, these are a mixture of ones that are to stringent in the first place, ones whith a large change of circumstances, and ones where the simply can't stick to a budget.
Also I would add that this is a third of the ones that are approved, there will also be some that are proposed but no agreement from creditors is givenHi, 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 -
Having just made our final payment and waiting for certificate I can guarantee it's a place my husband and I will not be payin a visit to again.
However I can see what you are saying and a few posts on here recently make you worry that lessons haven't been learnt. Maybe the individual involved should be offered counselling and education to stop it from happening again.
Oh and the banks shoudn't be so greedy and say no earlier on!Cabot (0%) left to pay £2455 let the overpayments commence!0 -
Maybe the individual involved should be offered counselling and education to stop it from happening again.
I was thinking that myself...although I am sure a large proportion of people that have been in IVAs needed to get into one due to a change of circumstances and not because they have been somewhat foolish with credit they simply could never afford in the first place.0 -
The largest proportion of people in my experience have both excessive spending and change of circumstances. Ie they build up debts by living beyond their means when they can afford the credit payments and then their circumstances change. Which leads to the question is it everwise to carry 50,000 of debt around even if you think your job is secureHi, 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 -
Going back to the original subject: failure of IVA's ....... from reading this, and other fora, I have formed the opinion that many hiccups and even failures along the way are down to the debtor not understanding what they were signing up for and having unrealistic expectations. There also appears to be some correlation with failure and problem rates to the debtors ethos: those that sign up to absolve themselves of as much debt (and responsibility) as possible seem to hit many more potholes in the road, than those who have entered an IVA with the aim to pay back as much as possible in a controlled manner.0
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