I have been offered an IVA..

fatbelly

I have just had a client whose IVA has failed and now she can do a DRO, which she should have done in the first place.

It took 6 months to terminate it.

She paid around £2000 over the two years it was in place. How much do you think the creditors saw of that £2k?

We can say that for definite as we have just had the termination statement:

Unsecured Creditors 0.00

EssexHebridean

fatbelly said:

I have just had a client whose IVA has failed and now she can do a DRO, which she should have done in the first place.

It took 6 months to terminate it.

She paid around £2000 over the two years it was in place. How much do you think the creditors saw of that £2k?

We can say that for definite as we have just had the termination statement:

Unsecured Creditors 0.00

This really is horrific isn't it - is it that the sector needs tighter regulation, or something else fundamentally wrong with it that people are able to do this? 

fatbelly

Needs better regulation - or a complete overhaul.

https://wearedebtadvisers.uk/news/wada-responds-to-insolvency-review-call-for-evidence

sourcrates

fatbelly said:

Needs better regulation - or a complete overhaul.

https://wearedebtadvisers.uk/news/wada-responds-to-insolvency-review-call-for-evidence

Yes, I like that, some excellent suggestions put forward there.

Covers most of the major issues in one fell swoop, I have always thought how unfair the system of selling on bad debt actually is, and the barriers that exist where application fees are concerned.

I would also like to see IVA`s abolished, and the introduction of a single "one size fits all" solution to debt which can be tailored to the debtors circumstances also appeals to me.

See if this new PM stays around long enough to do anything about it.