I.O.U to I.V.A

Many of us have not heard of IVA's but they are government legislation to allow people to basically get out of payting their debts. Your debts need to be a minimum of £15,000.

I.V.A (individual voluntary agreement) loosely translated 're-negotiate your debts.'


We have all seen the advert's on TV.

'Call us and using government legislation we will wipe 75% of your debt off.'


I think this is unethical. If you have a debt, of course you should honour it.
But, regardless of what i think it is legal to get out of paying.


Borrow money, buy goods then tell the creditors you can't pay. The poor creditor then is brow beaten into wiping some of the debt just so that he collects something rather than nothing. And payment terms can be as little as £10 per week.


All I.V.A's are public information and surprise surprise Steve Gregory has an I.V.A not because he was given a 125% mortgage by the irresponsible lending of Northern Rock. But because he took goods and borrowed money from people and then didn't want to pay.


The information is stored on and official government website in the public domain.

Report Requested For: STEPHEN DOUGLAS GREGORY
Report for Individual Voluntary Arrangement Case

Individual Details
Surname GREGORY
Forename(s) STEPHEN DOUGLAS
Title Mr
Occupation
Date of Birth 16 May 1958
Last Known Address 54 DOMINION ROADGLENFIELDLEICESTERLE3 8FA

Insolvency Case Details
Case Name GREGORY, STEPHEN DOUGLAS
Court Leicester County Court
Type Individual Voluntary Arrangement
Number 0117177
Arrangement Date 16 March 2006
Status Current

Insolvency Practitioner Contact Details
Main Insolvency Practitioner
GERARD NICHOLAS RATCLIFFE
Firm DEBT MATTERS LIMITED
Address Mansell HouseAspinall CloseMiddlebrookBolton
Post Code BL6 6QQ
Telephone 01204 678 200

Insolvency Service Contact Details
Insolvency Service Office
IPU
Contact Enquiry Desk
Address 4th FloorCannon House18 Priory QueenswayBirmingham
Post Code B4 6BS - Click Post Code for Map of Office (The Insolvency Service is not responsible for the content of external sites.)
Telephone 0121 698 4180
(Click here to find the email address for this office.

Source:

http://www.insolvency.gov.uk/eiir/IIRCaseIndivDetail.asp?CaseId=95106487&IndivNo=1&Court=LEICS&OfficeID=95&CaseType=I