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Posted: Tue Aug 12, 2008 1:03 pm
by janderson
Hi All
I was just wondering if any of the expertts out there know what the current state of play is with regard to the SIVAs that are planned to be introduced soon.
Thanks
John
Posted: Tue Aug 12, 2008 2:23 pm
by MelanieGiles
We hope to see them from April 2009 onwards.
Posted: Tue Aug 12, 2008 2:48 pm
by chris2202
Just out of interest, what are they?
Thanks
Chris
Posted: Tue Aug 12, 2008 3:01 pm
by janderson
Hi All
Below is a description of the criteria of a SIVA, they hopefully will help in our quest for debt free lives.
The new SIVA will have many benefits, including that of flexibility and a simplier setting up process.The Simplified IVA system will likely have two tiers. Tier 1 having an upper limit of £25-30,000 and Tier 2 an upper limit of £75,000. Also the number of creditors that must agree to the SIVA is lower than a traditional IVA, so more are likely to be approved. A SIVA Tier 1 agreement will not need a majority vote to proceed while a SIVA Tier 2 will continue to require a vote, but will only need a 51% agreement from the creditors, rather than the current 75%.
Regards
John