I love Boris...I can even forgive him the Olympics (just)!
Debtors don't need to put forward modifications at the outset...it's our proposal! And then we have the opportunity to agree or not to the creditor's modifications. And then we can put forward a variation at any point. I think we are pretty well catered for and the reason we don't negotiate harder is because an iva is essentially a begging letter...that's how I saw mine! It isn't a negotiation between equals.
I personally favour the woolliness of the IVA protocol in the area of equity release- because I will play that woolliness to the advantage of my clients when the final reckoning of the final year revaluation and mortgage/refinance hunt comes along. Five years is long enough!
Mel, the woolliness suits your style, as you genuinely have your clients interests at the forefront of your business ( within the regulation framework constraints). However, this does not seem to apply to all IP's.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
Can only speak for myself and my own firm Foggy - the wording of the protocol has been prepared by higher beings than myself, and my interpretation has never been challenged (yet!)
This is one of the major problems with the protocol IVA. Ethical IPs like Melanie [and I hasten to add ourselves] will try and do our best for our clients while remaining fair to creditors. However, the lack of clarity leaves clients exposed to less scrupulous firms and IPs and that should not be the case.
IVAs should be pretty standard across the industry and clients should not be unduly prejudiced because they were unfortunate enough to ring the wrong firm. Protocol needs rewritten in line with the numerous faults within it and perhaps this time all creditors including HMRC could support it.
As an ex-client of McCambridge I fully understand Michaels comments/frustrations here because I know first hand what a great I('Individual)VA they did for me before protocal took over.
My IVA was exactly that from the first letter 'I' , 'Individual', it was taylored exactly to meet my circumstances to generate maximum dividend with nothing excluded or included by default in the possibility of the IVA.
For me the IVA protocal seemed to end that as it meant all IVAs had standard wording limiting the IP from making an 'Indiividual' solution. My IVA in my opinion everyone won, the debtor, creditor and IP.
Last edited by herbekj on Tue Jul 10, 2012 7:13 pm, edited 1 time in total.
Last Payment - November 2011 - Completion Certificate received 2 weeks after last payment, Removed from Insolvency Register within 4 weeks after last payment.
"IVAs should be pretty standard across the industry and clients should not be unduly prejudiced because they were unfortunate enough to ring the wrong firm. Protocol needs rewritten in line with the numerous faults within it and perhaps this time all creditors including HMRC could support it."
A really good point Michael, the Insolvency Service should take note
