Neverending... hear hear. I might take issue in detail with some of what you say, but other than a horror of any sort of upfront fee (for reasons stated elsewhere), I can't at the moment think what.
Your last point, "where is the incentive for the IP to ensure that the IVA runs its course ? " goes right to the issue of fees and why, even though they don't change the amount a debtor pays, debtors should question them.
An IP gets two fees. The nominee's fee, for putting the arrangement in place, and the supervisors fee - for keeping it going and making the distributions to creditors.
I think debtors should look at the fees and, if they find the nominee's fee is much higher than the total of supervisor's fees that can be earnt over the life of the arrangement then they should consider what motivation the IVA firm has to keep the arrangement going to the end.
To be fair, the Nominee's fee does represent most of the work required in an IVA. But, it is also at this stage that the IVA ayment is fixed - and this must be something the debtor cn stick to through the long haul of (usually) sixty monthly payments.
All the best,
Andrew
ClearDebt
www.cleardebt.co.uk
