www.iva.co.uk

Can anybody remeber which DMP company Melanie recommended a few days ago?

was it this one....
If Payplan are too busy to do a DMP for you for a few months, then I can recommend a company who can do one for you in a couple of days. They are Brightoak - and their telephone number is 0800 0437 222.

Thanks!

You'll probably not get anyone available over the Bank Holiday, so I suggest you try them on Tuesday.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk

i heard that a new iva is coming out next april so if my iva is rejected can i do a dmp till then and then re apply for an iva.is it right that the new ones you only need 50% agreed instead of 75%?

Yes thats correct,simple IVAs for debts under 75k.
Regards

Andy Davie
IVA.co.uk Spokesperson and site manager
(aka Neverending)

Please check out my blog: http://andydavie.blogs.iva.co.uk

View my profile here:
http://www.iva.co.uk/andy_davie_profile.asp

What's the main differences with the new IVAs compared to existing IVAs?

The new styled SIVAs - which are expected to be available from April 2008 onwards' although this is not yet set in tablets of stone, are for consumer debtors who owe £75,000 or less. At the creditors meeting, only a 50% majority will be required, and creditors will not have the right to modify the proposals. This may seem beneficial, however as there is no room to amend the proposals on the creditors parts, this may result in even more rejections. We will see.

Under the simpler procedure, there will be no need for supervisors to report to Court or on an annual basis, thereby making the whole process cheaper and therefore providing creditors with a greater recovery. It is hoped that this new procedure will enable more consumers who are led towards DMPs to avail of simpler, cheaper IVAs, as suprisingly still over half of people in financial difficulty revert to DMPs rather than IVAs or bankruptcy.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk

The goverment is now consulting to introduce a faster easier iva called the simple iva or siva
Only 50% of creditors will have to except the siva where as oppose to 75% on the iva
It is expected that siva's can be arranged for clients oweing up to £25000.
Iva's will stay in place for people owing more than this,it is expected to be introduced in the spring 2007

Can I just correct Tracy's last post to avoid any confusion about this important topic (Sorry Tracy!)

SIVAs are for consumers only, owing up to £75,000 and expect to be available from April 2008.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk

Sorry meant £75000

and 2008,typing to fast

Sorry Melanie don't meen to confuse people was reading about it earlier,just confused afew numbers,maybe just stick to the support in future.