Article From Credit Today On Lowest Insolvencies For Four Years

GD2_2

Fair enough.

If you cannot afford the £700/£525 then perhaps you can go on a DMP instead.

UpToMyNeckInIt

Depth_Charge wrote: »

Hi

Interesting article below on the continued decline in insolvencies - the paragraph from the article highlighted below on the falling numbers of IVAs is significant I would say given some of the recent posts, debates & discussions on here and whats happening in general.

"Mark Sands, RSM Tenon’s head of personal insolvency said: “The fact that IVAs have had the biggest drop since quarter 1 in 2008 shows that there is falling confidence in the level of future incomes which underpin most IVAs, so people may be staying in Debt Management Plans or could actually be ignoring their financial debt problems until they can see a future."

http://www.credittoday.co.uk/article/14506/online-news/2012-will-show-lowest-insolvencies-for-four-years

Resounding proof of what some independent anylists & advisers are saying.

What spin some of the pro IVA posters may try to put on this article and figures... well, lets wait and see (they will more than likely be competing more with each other soon if these predictions are right,,mmm thinking about it we can already see the signs of that maybe:)

The truth is that there is a real problem developing and as I have said before its time for genuine independent impartial advice (not commission & sales) and for the experienced responsible people in the debt advice / IVA sector to step up to the plate, help and do their best for people that are struggling or it WILL eventually just all fall apart and that will help nobody.

My take again

I'm sure that there is some truth in this article. There are increasing numbers of people going into DROs etc. (fine for a lower level of debt), rather than IVAs. Don't take the article verbatim though: RSM Tenon were taken over by Grant Thornton last Month, (the same Grant Thornton incidentally, that CCCS refer many of their IVA customers to) and the official figures were apparently only published on 2nd November - several days after this was published.

Interesting though that these Debt Management Companies are 'struggling'. I would have thought in these tough times, it would be a boom industry!!!

I think what this debate boils down to is that everyone has a different set of circumstances, and if you need help with debt, it is important to look at all the options.

What is most unhelpful are the few ignorant / derogatory / hurtful comments that some on this forum have posted (Clearly from people shoving their tuppence-worth in, without having a clue how IVA's etc. work). Personally, I had a sudden unexpected change in financial circumstance, forcing me into insolvency. I chose a private firm over CCCS, as I found their advice useless.

Fact is in my opinion, this site does not give impartial/unbiased advice on IVAs (the only product I can comment on as I am in one), and it is important that this is drawn to anyone's attention if they are contemplating one.

Bottom line: Speak to CCCS AND a couple of other insolvency practitioners. Wise advice all round surely, if you are considering a debt management solution that is going to profoundly affect you for several years.

Depth_Charge

UpToMyNeckInIt wrote: »

I'm sure that there is some truth in this article. There are increasing numbers of people going into DROs etc. (fine for a lower level of debt), rather than IVAs. Don't take the article verbatim though: RSM Tenon were taken over by Grant Thornton last Month, (the same Grant Thornton incidentally, that CCCS refer many of their IVA customers to) and the official figures were apparently only published on 2nd November - several days after this was published.

Interesting though that these Debt Management Companies are 'struggling'. I would have thought in these tough times, it would be a boom industry!!!

I think what this debate boils down to is that everyone has a different set of circumstances, and if you need help with debt, it is important to look at all the options.

What is most unhelpful are the few ignorant / derogatory / hurtful comments that some on this forum have posted (Clearly from people shoving their tuppence-worth in, without having a clue how IVA's etc. work). Personally, I had a sudden unexpected change in financial circumstance, forcing me into insolvency. I chose a private firm over CCCS, as I found their advice useless.

Fact is in my opinion, this site does not give impartial/unbiased advice on IVAs (the only product I can comment on as I am in one), and it is important that this is drawn to anyone's attention if they are contemplating one.

Bottom line: Speak to CCCS AND a couple of other insolvency practitioners. Wise advice all round surely, if you are considering a debt management solution that is going to profoundly affect you for several years.

Hi

Interesting

Im not sure if the Debt Management Companies are struggling, but debtors currently in ongoing Debt Management Plans who experience a drop in their disposable income are going to struggle maintaining levels of payments, simple mathmatics really.

Like you say a sudden change in circumstances, well that can happen before and during a Debt Management Plan or an IVA for that matter as is happening to many - this has to impact on the Debt Management & IVA companies if people reduce or stop payments I would think, both in the free & fee charging sector as they basically depend on this money for their very existance really, thats where the independent, impartial advice may get interesting.

Some interesting and decent points in the rest of your post.

By the way, good luck with the IVA and hope it all works out OK for you in the long run:)

Anondebtadvisor

I do hope that the government see sense anmd reduce the court fee when they change the debtor bankruptcy process to take out the court instead using an adjudicator and electronioc applications.

The court will be doing a lot less work so it makes sense to reduce their fee?