How much do IP's charge

[whichwaynow]

How much would a IP charge over one year and over 5 years?

[iva_squirrel]

Good afternoon,

The amount that the Insolvency Practitioner charges in fees for the work done on each IVA case is detailed within the IVA proposal, a copy of which is sent to the IVA client.

The Insolvency Practitioner will draw their fees from the monies paid into the IVA fund by the debtor.

The debtor's payments into the IVA fund will not be affected by the drawing of the Insolvency Practitioner's fees, as the debtor's payments will have been set at the level which the debtor can afford, and no higher. The fee could be from £5500 to £8000.

Kind regards,

Julia Simavi

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[Oliver]

A full and final IVA would probably cost in the region of £3-4k.

Best Regards
Oliver

Thomas Charles and Co Ltd.
Experts in personal debt solutions.
Read customer feedback at: www.thomascharles.com/about_us.asp

[whichwaynow]

thankyou for your quick response . The £5500 -£8000 would be per year for 5 years would it, not a full and final.

[Adam Davies]

Hi
That would be the total cost over the five year period,however there are instances of higher fees than that.
Regards

Andy Davie
IVA.co.uk Spokesperson

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

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

[whichwaynow]

Is the cost 8000 per year or 8000 for the total of 5 years. Sorry to go on .

[Adam Davies]

Hi
The 8k is the total cost for the five years

Andy Davie
IVA.co.uk Spokesperson

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

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

[whichwaynow]

My IP has quoted me 10000 for a full and final why so much?

[Adam Davies]

Hi
10k to organise a full and final ??
You need a second opinion because that seems VERY high.
Should be 3-4k max
Regards

Andy Davie
IVA.co.uk Spokesperson

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

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

[catullus]

Remember that the basis of the fees has to be finally agreed with creditors and, unless you have an unusual IVA and not the normal mix of creditors,the IP will never get that approved by creditors.

You may be better advised to get some other quotes but if you want to rattle the IP who has given you this quote ask him what his charge out rates and request that he gives you a costed analysis of his quote.

That will make him think!!

[whichwaynow]

All this info is listed in the proposal. The supervisor fees are 6000 alone.

[catullus]

No, his charge out rates may be listed, but his estimate of the hours to complete the job are not.
Chargeout rates (x) x Number of hours to do the job (y) = 10,000. You know the x figure, you know it will cost 10,000. You don't know what y is.

[whichwaynow]

I have spoken to my IP about costs and they said the supervisors fees are calculated at a rate of 15% of the realisations achieved including interset earned. Have been told this is standard practice

[Adam Davies]

Hi
So are you offering 40k as full and fnal and the IP is going to charge 15% of this[6k]and a further 4k ?? Your creditors are going to get 30k ?
If this is right and the creditors agree to it then it,s appalling abuse of the insolvency system.
Regards

Andy Davie
IVA.co.uk Spokesperson

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

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

[Chris.z]

To Me 3-4k for a full and final seems high.... especially when 5 years work seems to range between 5500 and 8k>

Chris