Myvesta UK Articles

If you are currently in an IVA and your circumstances change and you find yourself no longer able to fund the IVA, or cannot fund it at the current payment, what can you do?

Yesterday’s announcement by the Insolvency Service that Simplified IVAs (SIVAs) due in April 2009 will now be scrapped, means debtors will lose out, says R3 the insolvency trade body

Disturbing news from the Insolvency Service makes me question who is more important, creditors or consumers.

For many people experiencing debt issues, an IVA is a good option for them to avoid bankruptcy.  They may have property to protect, or a surplus income each month, that while not enough to service the debts at the agreed contractual payments, is enough to pay something, and they would be ordered to pay into a bankruptcy, if they chose that route.

I was miss-sold an IVA?  I have been hearing that again lately.  People explain their situation and ask if they were miss-sold an IVA as they are in an IVA now and struggling with the payments.

Pride makes us do stupid things. It overrides our logical brain with emotional banter that confuses us and leads us to make poor decisions. 

I believe the title says it all.  You are a tenant and you are insolvent.  What to do??  Good question.  

Debt experts all across the UK are scratching their heads wondering where the desperate consumers are and what are they doing to address their growing financial problems.

What that debate made clear is that British creditors wanted to arbitrarily set thresholds and hurdles for consumers to cross in order to get access to the binding powers of the IVA. At the time many were in an uproar. Insolvency Practitioners were beside themselves, regulators were perplexed and trade bodies were running for cover.

After much chest beating and legal opinions, you know what happened, absolutely nothing.  Yet, some banks make some really dumb investment decisions and what does the FSA do, put new powers and whistleblower regulations in place.

The poor Individual Voluntary Arrangement (IVA) in the UK has been taking a beating in the last twelve months but new worries are afoot. Between the creditors hijacking this debt relief solution that falls under the control of the Insolvency Service, other creditors refusing to accept payments in an IVA and now this, we'll have to have some pity on the IVA.