LONDON, August 16 /PRNewswire/ --
In the news release, "Andy Davie, IVA.co.uk - How TIX Fee Structure Changes
Affect Debtors" issued on 16 Aug 2007 14:00 GMT, by IVA.co.uk over
PR Newswire, we are advised by a representative of the company that the
company name IVA.co.uk should not have been preceded by http:// as
incorrectly transmitted by PR Newswire.
Complete, corrected release follows:
A comment from Andy Davie, site manager for IVA.co.uk, the UK's biggest
online IVA community for information and advice about Individual Voluntary
Arrangements (IVAs), on what the TIX fee structure changes mean to the
debtor:
"On the IVA.co.uk Forum we are receiving over 50 questions a day from
confused consumers who feel under informed about IVAs. Debtors are being
caught in the crossfire as banks and Insolvency Practitioners battle it out.
The idea that fees will now be paid in proportion to monthly contributions
(i.e. the debtors disposable income) may sound like a positive thing, but
with the 15% cap in place, Insolvency Practitioners may be unwilling to
propose IVAs where the monthly disposable income is low and the consumer will
ultimately lose out.
For example, where the monthly payment is GBP200 the IP will only receive
GBP1,800 over 5 years, whereas they will receive double that for a GBP400 per
month IVA with exactly the same workload. I can envisage a two tier IVA
system, with 'IVA factories' proposing low monthly, straightforward IVAs and
turning away cases that are not clear-cut, while smaller independent IVA
providers propose these slightly more complex cases only if the monthly IVA
payment is high. This could leave some people who would previously have been
eligible out in the cold."
These comments are for immediate release: Thursday, 16th August 2007.
A more detailed look at the impact of TIX on consumers can be viewed
here: http://www.iva.co.uk/articles/index.asp?id=656.
Notes to Editors:
About IVA.co.uk
IVA.co.uk is the UK's biggest online IVA community for information and
advice about Individual Voluntary Arrangements (IVAs). It is a leading
authority on debt and finance in the UK and receives over 2,400,000 hits a
month. IVA.co.uk was formed in 2005 to help improve understanding of debt and
debt solutions in the UK by providing expert advice and a live forum
alongside a regular roundup of the latest news, statistics, and research from
the world of debt solutions.
The 'IVA Forum' (iva.co.uk/forum) was launched in January 2006 to enable
the community to discuss IVA issues. The IVA forum now has 3,000 members and
over 33,000 posts. Online TV channel 'IVA TV' (TV.iva.co.uk) was launched in
December 2006 to report on issues surrounding IVAs and debt. 'IVA Community
Blogs' (blogs.iva.co.uk) was launched in January 2007 to provide free
blogging space for anyone from the IVA community.
IVA.co.uk was created by, and is maintained by, Community121
(http://www.community121.com), builders of niche community websites.
About Andy Davie
Andy Davie, site manager and spokesperson for IVA.co.uk, drives the
development of the site in its continuing commitment to provide a forum for
IVA experts and people in IVAs.
Andy is passionate about helping others and ensuring that people involved
in IVAs have the best advice and support possible. Having successfully
completed and experienced an IVA puts him in an ideal position to do this.
Andy regularly publishes articles on site which explain some of the most
complex IVA issues in terms that can be easily understood by the average
consumer. Andy also remains an active part of the free IVA.co.uk Forum,
having already answered over 500 questions in the last 6 months.
When he is not working on IVA.co.uk, Andy owns and runs his fruit and veg
shop in Gamlingay, Bedfordshire. Andy sold his original business in 2003
before entering into his IVA in 2004. The shop had been empty for about a
year but once Andy had completed his IVA, he decided to reopen his shop,
which he now runs with his wife and two children.
For media enquiries, please contact:
Alison Melville
Press Officer for IVA.co.uk
+44-(0)20-8328-9495
IVA.co.uk
