www.iva.co.uk

Hello all,
As we are all very aware hundreds of thousands of people are struggling with debt at the moment, and it looks like it is going to get worse before it improves [:(].

As the number of people applying for IVA's is rapidly increasing and looks like record amounts next year, how do you think the creditors are going to react?
Surely even the creditors have a limit on the amounts of money they can write off.
Do you think IVA's going to become harder and harder to get approved?, or maybe easier?
What are your thoughts on the future of the IVA in the present financial climate?
sblack

Personally, I am glad we came to our senses last July and started the IVA process - eight months into it now and we have paid back 1/7th of what we owe - still along way to go but hey we are doing it. On top of this we sold and moved into rented - just at the right time at the height of the market -so hopefully when in three years time we are ready to start again on the mortgage ladder prices will be to our benefit and we can start again - but so differently this time - NO CREDIT other than a mortgage and for a new car!

With the vast profits banks and credit card companies make every year I think it will be a while before that happens.

I think that as long as the core components of an IVA are maintained, i.e. the best offer to creditors is made and a the proposal offers a better alternative than bankruptcy, then the majority of creditors will continue to make commercial decisions on IVAs.