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Results of IVA review published 12 January 2010

The review was undertaken on behalf of the IVA standing committee and looked at IVAs taken out between April 2008 and March 2009. 

Alarmingly, 29% of debtors said that they were not advised that other forms of debt relief were available before they took out an IVA. 

6% of the IVAs in the survey had failed, of which 60% indicated that it was due to the debtor being unable to maintain their contributions.

The report identified that the average IVA debtor is employed, not a homeowner and has a household income of less than £30,000 and total debts of less than £50,000.
 
Surprisingly, almost 80% of debtors had been through an alternative form of debt solution before entering into an IVA.
 
The IVA Protocol specifies that appropriate advice must be given by the IVA providers. In addition, IVA providers must be insolvency practitioners who are regulated and whose professional bodies monitor their activities to ensure that they meet appropriate standards.

 

 

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