With all the recent up beat economy news, as I am still trying to get my IVA proposal over the line, I am curious whether or not the number of IVA applications is going up or down, and what Insolvency Practitioners feel the future holds. Obviously the feel good factor takes a while to filter down to the average person, but when interest rates start to rise this surely is going to have a significant impact on people who are struggling with debt and also people who are in strict budgets and in an IVA
It would be more interesting to see how many people are in DMPs as these figures are nor readily available. I suspect a large number of people are in DMPs paying token amounts because they cannot afford to enter IVAs or pay the bankruptcy fees.
We were in a DMP for a year before the IVA and what a waste of time that was. The interest still kept being added and at the end of the year we owed more than before we started.
It was our choice as we were so embarrassed about our situation. When we went for an IVA we were so pleased at the way we were dealt with. The guy we spoke with was not judgemental at all. The only problem we have with VN is the time it is taking to get our completion cert to us.
