If you approach an IP directly it is unlikely that you will have to pay anything at all other than the IVA payments. IPs are paid from the IVA contributions and will have a good idea if your proposal is likely to be accepted before it is sent to creditors.
Most IPs offer free no obligation initial consultations and this can determine quite quickly if an IVA is your best option and if so the IP will immediately get to work.
Michael's advice is absolutely correct, but if you are thinking of proposing an IVA it is important that you do fully understand the level of charges which the IP will make for helping you to propose the IVA and then supervising it into the future.
These charges are now generally set by creditors, and tend to work on a percentage of the contributions that you pay into the IVA.
Hi
It could also be argued that an IVA does not cost you at all, it is in effect your creditors that pay for your IVA by agreeing fees with the IP and accepting a lower dividend.
You will always pay your disposible income into an IVA so in theory whoever you choose you will pay the same amount each month.
Regards
Bang on Andy. The fees in any current Protocol Compliant IVA can vary dramatically depending on who your creditors are. In any event those fees are agreed by your creditors and will not affect your monthly contribution.
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.
