Background - secured loans and IVAs The following is a brief summary. Before 2014, most IVAs had terms which say a debtor with equity in their house must try to release some of it in the fifth year of the IVA through a remortgage; and that if this isn't possible a sixth year of IVA payments will be required. At the start of this year the IVA Standard Protocol was updated to include an … [Read more...]
Insolvency News & Policy articles
Here are all the Debt Camel articles about what is new and changing in bankruptcy, DROs and IVAs. They cover everything from news about IVA firms to statistics and regulatory changes from the Insolvency Service. These articles are mainly of interest to debt specialists.
If you want practical advice on choosing between the different insolvency options, or about what happens when you have gone bankrupt or are in a DRO or IVA look at the following:
In August 2014, the Insolvency Service issued a Consultation on Debt Relief Orders (DROs) and Bankruptcy petition limits. I think there are a lot of problems with the personal insolvency regime in England and Wales (see my article last week about the recent insolvency statistics) and so this consultation provides a welcome opportunity for the Insolvency Service to get industry responses on many … [Read more...]
A reader has sent me copies of the documentation that Debt Free Direct (DFD) are asking him to sign to change the terms of his IVA. It includes: a Deed of Assignment, which relates to PPI reclaims, and a Variation in IVA conditions to adopt the 2014 Protocol. DFD has over 24,000 IVAs outstanding so this could be a common problem. *** UPDATE - DFD have replied with detailed comments … [Read more...]
A few words have been changed in the 2014 IVA Protocol. This post looks at the addition of secured loans in the equity release section - what are its implications and do you need to be concerned about it? For a more general overview of IVAs and their advantages and disadvantages, see this page. Update - July 2016 - there are a lot of changes in the new version which has just been published - … [Read more...]