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IVA Complaints | How To Get Out Of An IVA - Bankruptcy UK

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IVA Complaints | How To Get Out Of An IVA

IVA Complaints are extremely common. ‘Why is it so hard to speak to somebody at my IVA company’ is a question that crops us virtually every day and the short answer is that you are just a statistic and – dare we say it – a cash cow who’s sole purpose is to generate revenue for the company concerned. So When the phone rings in these type of non caring IVA companies they know it’s and admin or retentions call which probably means trouble, so they ignore the call. People who might have had their hours reduced, lost their jobs, had babies or had their benefits revised feel like its not their problem and they are not interested.

These IVA companies know perfectly well that around 70% of their clients would have been better advised to enter into bankruptcy at the outset, but there is no money in that. The average IVA generates around £2,500 – £3,500 in revenue and this is captured over the first two years of the IVA, during which time absolutely no money goes to the creditors. In fact, we interviewed the Director of one of these companies who sheepishly admitted that it is closer to three years.

IVAs are designed to protect expensive assets such as properties which might otherwise be lost in bankruptcy, but most of the people we speak to are living in rented and hold down everyday jobs, and derive no benefit from being placed in an IVA. Even worse, people on benefits are also roped into IVAs when there is zero possibility of a monthly payment in bankruptcy (called an IPA or Income Payments Agreement). The message is simple – If you have IVA complaints and want to know how to get out of an IVA and if you are an everyday person like the rest of us, bankruptcy is the answer. If you are a City Trader who has a property in Mayfair and dines at Boodles, then an IVA might be the way forward.

‘Why is it so hard to speak to somebody at my IVA company’ is just one of hundreds of questions we’ve answered over the years, but feel free to call us on 01425 600129 if you need to know more or specifically need bankruptcy help.

 

Bankruptcy UK

Bankruptcy UK