Advice

[caraf]

Hi
Been looking through all my figures again last night, checking to see "What if the creditors ask for more" what can I afford. I would like to know what other people of paying in the pound for IP's fees.
I will be paying over approx. 42p in the £ on a total debt of £85k but my creditors will only be getting 23p in £. I assume that the difference is the IP's fees which will be 19p in the £ (total of 16150 including vat) I was told when I questioned this that the figure was high, they just asdvised that it is industry standard to apply for 40%. But I thought the hole idea of IVA's was the creditors got as much as possible, which is what I want for my creditors.

[Adam Davies]

Hi
That is high and will surely be scaled back by the creditors.
TIX compliant IVAs allow a max of five times the monthly payment for nominee fees,so in your case about 3k plus 55 payments of 15% of your monthly payments,about another 5k,so a total of 8k.
Where they get 16k from baffles me and to be fair is part of the reason for creditors putting the squeeze on fees.
Who is your IVA provider ?

Andy Davie
IVA.co.uk Spokesperson and Website Manager

About me:
http://www.iva.co.uk/andy_davie_profile.asp

IVA Helpline: 0800 197 4838
http://www.iva.co.uk/iva_helpline.asp

[caraf]

Hi Andy
We are going to be paying £500.00 per month + a one off payment at the start of approx £5700.00 surrender of 3 policies.
I am doing a interlock iva with my husband, the nominee fee, is that x 2 (per iva) or is that for the 2 of us.

[caraf]

So you say a total of £8k is that each or between the two of us

[Adam Davies]

Hi
As you are both proposing an IVA then fees will be higher,although 16k still sounds high.
However don't get too concerned at the fees issue,your creditors will modify fees that they deem to be too high


Andy Davie
IVA.co.uk Spokesperson and Website Manager

About me:
http://www.iva.co.uk/andy_davie_profile.asp

IVA Helpline: 0800 197 4838
http://www.iva.co.uk/iva_helpline.asp

[Chris30]

In my contract with payplan they charge me 15% on my total debts.

[Adam Davies]

Hi
I think that you will find that type of fee charging changing in the near future.
It is possible to have a 100k debt and for your creditors to accept 25k dividend over five years.I can't see creditors accepting a 15k fee for payplan to organise and administrate someones IVA.
An exact same dividend under a TIX proposal would net fees of around 6k.
We can't have such a difference in the IVA market place.
Regards

Andy Davie
IVA.co.uk Spokesperson and Website Manager

About me:
http://www.iva.co.uk/andy_davie_profile.asp

IVA Helpline: 0800 197 4838
http://www.iva.co.uk/iva_helpline.asp

[cr15py]

Based on mine, which is a (proposed) solo IVA with no equity release or anything, my fees are about £5,800 (£210pm on a £16k debt representing 42p/£)

[caraf]

Andy
Bearing in mind that a high % of my creditors will come under the TIX arm/voting. Approx. what would you think the total fees for the 2 ivas should be ? and that TIX would accept

[louisa.s]

That figure does sound high!

We've got an interlocking (joint) IVA with Grant Thornton and our fees are fixed at £7000 for the 5 years - our debt is £48,000 approx and we are paying a minimum of 27p in the pound!

[caraf]

Louisa.s.
Is that including VAT or not ?

[Adam Davies]

Hi
Have you one creditor that is owed more than 21k ?

Andy Davie
IVA.co.uk Spokesperson and Website Manager

About me:
http://www.iva.co.uk/andy_davie_profile.asp

IVA Helpline: 0800 197 4838
http://www.iva.co.uk/iva_helpline.asp

[caraf]

No.
My total debt is approx. 60k
My biggest 2 creditors are HBOS approx. 18k and M&S approx. 15k
My husbands debt is approx 25k
he has only got 4 creditors
HBOS £10k
Nationwide £9k
HBOS £2500 joint overdraft
Paragon loan £2500 joint loan

[Adam Davies]

Hi
Well I think that both of your proposals will fall under the TIX compliant IVA and expect to see your fees chopped
If they are then your dividends will increase.
Let's wait and see

Andy Davie
IVA.co.uk Spokesperson and Website Manager

About me:
http://www.iva.co.uk/andy_davie_profile.asp

IVA Helpline: 0800 197 4838
http://www.iva.co.uk/iva_helpline.asp

[caraf]

why did you ask if I had one creditors owed 21K or more ??