www.iva.co.uk

Hi
KPMG have released some interesting findings.
They expect insolvencies to rise to 130,000 next year[that's IVAs and bankruptcies],they state that the average debt this year in an IVA was £50300 with an average dividend of 38p.They also stated that 17% of proposed IVAS were rejected up from 15% last year.
Interesting reading and the full article can be seen here
http://www.iva.co.uk/forum/topic.asp?TOPIC_ID=7852
Regards

Andy Davie
IVA.co.uk Spokesperson and Website Manager

About me:
http://www.iva.co.uk/andy_davie_profile.asp

IVA Helpline: 0800 197 4838
http://www.iva.co.uk/iva_helpline.asp

Scary reading Andy...

Looks like the forum will be much more busy in 2008, and a great help to all that some accross it and make better, more informed decisions for doing so.

I know from my own personal experience I feel I have the best chance of a succesful iva and a debt free future from discovering this wonderful forum and have a much happier, brighter future because of this.
Keep up the brilliant work in 2008

I couldn't agree more Emma, this is truly a wonderful forum.

Well, the forecast on the money market and job market isn't good.Even with lower interest rates on mortgage borrowing many people will decide to go for a clean slate and no longer wish to carry their debts any longer till it gets to 100k. I think Insolvency in the next 5 years will go up.

Anyone out there with 20K they can't pay off needs to consider an IVA/BR or DMP and not allow things to go any higher.Then start fresh. The rise in housing EQ isn't going to pay off debts anymore.

It is the price we all have to pay for spending money we don't have just to keep the economy rolling.Time to step off he tread mill



"Always think outside the box"

I am so glad we came clean when we did.....four months in and I am able to open the post without fear!
All my troubles are now sighted on renting property - we received a repossession court date on xmas eve for the 2nd January from our landlords mortgage company - happy christmas not ...we have had to locate alternative accomodation incase the hearing goes againt him - hope it does in a way as I will then have to take him to court for our rent he has taken up front from us!

Looking forward to a better and brighter 2008 !

Lulu

This seems to fit with my 'mystic meg' predictions in an earlier posting!! I think that we are only the tip of the iceberg and, I agree, that this Forum is likely to get busier in the coming year. this also reflects what Ellie was saying in another posting about the amount of small businesses that are folding. We have a local butcher that has been established for many years who went into liquidation just before Christmas (a bit sad as a lot of people who had paid deposits didn't get their turkeys[:(]).

Debbie

www.familyceremonies.co.uk

www.soulgrowth.co.uk

Hi everyone ! We have heard lots of stories over the last few weeks about other businesses taht are really struggling. Taxi firms, hotels, restaurants and shops are all having problems. I hear between 50 and 25% down on last year and last year wasnt that great either. Mind you last yr our overdraft was about £16,000 and this year its up to £25,000. Still we've still got NY Eve to go and hopefully a buyer, so it could all work out !

Are there enough IPs out there to handle another extra 20,000 cases next year??[B)]

Of course there are, and we have great staff who help us along the way as well. The numbers mentioned are quite frightening, but compared to the populus as a whole are pretty predictable.

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

To have me propose an IVA for you, please visit:
http://www.melaniegiles.com/ivaEnquiry.asp

See customer feedback at:
http://www.iva.com/iva_companies/IVA_Advice_Bureau.asp

No holiday for you next year then Melanie! I only asked as Im doing a full and final,after 3 months of waiting I still havent got any paperwork or been promised a creditors meeting yet dispite chasing them weekly. They claim they are so busy that there is a big backlog of cases. (

Very scary to think it's getting worse....can't help thinking that some national debt campaign to inform people so they can take action early would be sensible.... though looking back, I think I'd have kept my head in the sand regardless of information till it was truly too late. Sad to see that my IVA was a lot 'bigger' than the predicted average, though it still looks as though creditors might well get it all back...

Martin

These figures are worring.

I read somwere recently if everyone in the country put all their money together including the goverment and paid of everybodies debts including the goverments/uk debt their would not be enough money to apy all debts off, it would never happen but potentailly making the UK Bankcrupt

no matter how bad money gets, theirs stll alot more important things in life

I can well believe it. Credit is just chucked at people these days. I remember when my Halifax credit card was opened, it has a credit limit of £1,500. It was £9,200 by the time I decided to start an IVA. Then I got a MBNA one (the free "prize" tempted me), with an initial limit of £2,000, that went up to £4,000.

I think it should be harder for people to get credit, then the problems might not arise so frequently.

I feel that credit companies should be tighter with how much they lend people and stop trying to give out as much as they can.
When I was only 18 when LloydsTSB gave me a credit card with a £15k limit and a £1k overdraft... and they wonder why the population is in debt!

No disrespect to students, but that's how a lot of debt starts. Banks throw money at students, then there is the student loan. I never went to university, but my ex-wife did, and I know what it cost her by way of halls rent, tuition fees, etc. Luckily for her, she had the money behind her initially, but I know a lot of students don't.