Am looking into entering IVA and have obtained advice from a practitioner who is confident my IVA will be accepted. Debts total £17,700, and under the proposed IVA terms I'd be repaying £11,232 over 5 years. However, £5,181 of that would go in practitioners' fees/charges. Is that normal/average? I genuinely want to repay my creditors as much as I possibly can but find that under these terms they will receive hardly anything that is due to them. I'm in a real quandary as I don't see any other way out. Any advice would be appreciated. Thanks.
I agree with Mrs S. Those figures look fine to me as well.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
Why don't you visit www.iva.com and see reviews and look at the different firms costs of an IVA. The cheaper the costs the more in dividends. There are large variations in fees across the industry. Happy looking.
Regards, David Mond, Insolvency Practitioner for over 46 years. Personal Insolvency Practitioner of the year 2012, Personal Insolvency Practitioner of the year finalist 2013 & 2014 awarded by Insolvency & Rescue Magazine and 2015 finalist for Personal Insolvency Firm of the Year.
Don't mean to sound flippant, but fees were the last thing on my mind when I entered the iva process. I really paid no attention to them as quality of service and advice I was recieving was of the main importance to me.
The fees may sound a lot at first but the IP needs to put in a lot of work proposing and supervising your iva for 5 years.
Good luck
Be positive & look after yourself, there are more important things in life than debts....
Does however depend on totality of debt - in this case relatively small for an IVA so hence better using a low cost IVA provider.
Regards, David Mond, Insolvency Practitioner for over 46 years. Personal Insolvency Practitioner of the year 2012, Personal Insolvency Practitioner of the year finalist 2013 & 2014 awarded by Insolvency & Rescue Magazine and 2015 finalist for Personal Insolvency Firm of the Year.
Your choice of IP ought to be one based upon whether you feel that you are getting good support and service, and not necessarily the costs which in any case will be dictated by your creditors if they feel that the charges are too high.
IP fees these days are generally based upon a similar formula across the board, and whilst some firms might charge a higher or lower fee at the end of the day this ought not to affect you directly, although it is to your credit that you are taking note of the costs in an attempt to return the best offer to your creditors.
I agree with Melanie and Emma, you will be with your IP for five years and you need someone you can trust and is going to be there for you if any problems arise. It's great that you are thinking of the fees but at the end of the day they are way down on your list of priorities. Good luck and keep posting for advice and support. X
Low fees do not mean that you don't get proper support or service. Obviously you have to feel comfortable with the firm and people you are going to deal with. That is why I suggest you should visit www.iva.com and see reviews.
Regards, David Mond, Insolvency Practitioner for over 46 years. Personal Insolvency Practitioner of the year 2012, Personal Insolvency Practitioner of the year finalist 2013 & 2014 awarded by Insolvency & Rescue Magazine and 2015 finalist for Personal Insolvency Firm of the Year.
To be honest fees should be the last thing you should worry about as they are paid to the IVA company from the creditors "pot" so don't effect you.
The most important thing is to choose the right person to represent you and someone that you can get along with - FOR FIVE YEARS. This is critical.
An IVA is for a long time so you need to have an IP that will be contactable, personable, highly professional and someone who has a position in the market place.
I understand that Melanie has been nominated for IP of the year and is also highly regarded on this site, by the industry and most importantly by her clients.
pretty good place to start!
Paul Johns
Reviva UK
Assisted Bankruptcy Specialists www.revivauk.com
To be honest fees should be the last thing you should worry about as they are paid to the IVA company from the creditors "pot" so don't effect you.
The most important thing is to choose the right person to represent you and someone that you can get along with - FOR FIVE YEARS. This is critical.
An IVA is for a long time so you need to have an IP that will be contactable, personable, highly professional and someone who has a position in the market place.
I understand that Melanie has been nominated for IP of the year and is also highly regarded on this site, by the industry and most importantly by her clients.
pretty good place to start!
Does she get to wear a crown if she wins???[:D]
Its very hard to tell if you can get along with your IP/supervisor given that you wont have had too many dealings with them prior to an IVA though,and prior to an IVA it would be in your IP/supervisors best interest to make you feel at ease,until you sign on the dotted line,only then when the washing machine breaks do you really discover how good your IVA company is!!
Discharged today the 8th feb 2012. View is much brighter now.
Continuing to rebuild our credit worthiness.
However in melanie's case there are numerous people on this forum who have her as their IP and can ( and do) speak with her and meet her at frugal friends every 8 weeks.
( about the crown - I have photoshop so the crown is no problem!)
Paul Johns
Reviva UK
Assisted Bankruptcy Specialists www.revivauk.com
There are two nominations, and no-one has won the award before because it has only been introduced this year. I don't think that there is any prize, and yes creditors representatives do actually vote.
