how much is charged for setting up an IVA?

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vernella

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Post by vernella » Sat Aug 02, 2008 12:45 am
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I have a number of recent credit card debts which I had intended to pay off from the sale of 2 properties. The properties are not shifting and I am unable to continue to meet even the minimum payments of these cards. How much do you charge for setting up an IVA?
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MelanieGiles

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Post by MelanieGiles » Sat Aug 02, 2008 1:30 am
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Hi vernalla and welcome to the forum

Is there enough money in the properties to cover the debts in full? If so, you could invite the creditors to take a charge over the property which would be repaid when they do eventually sell. If there is likely to be a shortfall, then an IVA could work on the basis of a full and final settlement - and I would suggest that this be run over 12 months to give the properties sufficient exposure to the market in an attempt to get best price.

The charges for setting up the IVA usually are paid out of the eventual sale proceeds with the prior agreement of your creditors.
Regards, Melanie Giles, Insolvency Practitioner
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