Hi Mel - I paid the big chunk over the first few months and then 15% on all monies paid in. There are also disbursements. I think because my debts aren't very high - relatively speaking - the initial fees are quite a big percentage of my total debt. That makes the 30% in IP fees. I trust them and they have been very good so i don't mind the fees...even if i do end up paying them!
I'm sure I'm not paying that much in fees - can't remember offhand though.
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
I can't think offhand what my initial fee and disbursements are. I am a couple of hundred shy of the full amount so that might bE a percent or two. But I went in knowing I wanted to further my career and there would be at least one uplift so the liability for debt plus fees was clearly explained so I knew i would (career going to plan) end up paying back more than I originally owed. And I haven't looked back!
Fortunately for me I wasn't bothered about that as I'm almost at the end of the road. It was explained to me - I just can't remember and can't be bothered to dig the paper work out at the moment!
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
Mine was originally in the ball park of £1800 (x 2 .. interlocking IVAs,Nominees fee, including disbursemens then it was £2k per annum for both of us combined Supervisors fees.
This was ammended by the creditors to first 5 months payments for the Nominee (£2220 total) and then 15% (£800 per annum).
So, initially, my IP has taken a big hit on their fees. I will only loose out if I get any windfalls large enough to potentially clear the debt, as 15% of the windfall will dissappear in fees.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
I do remember the fees being modified upwards by creditors which I thought strange!! But too busy watching Fantastic Four and stuffing myself on tea and junk (and too lazy) to look up the exact figures!!
Thanks all for your comments, so basically you are telling me the amount may rise but not have that significant an impact on the overall debt ?? Or as I believe , no one can tell, so it is a bit of a hit or miss situation !!!
Hi Rugbygirl,
It sounds like you need a fresh start. New bank account (no monthly fee) and a new IP, one that is looking out for you and not them.
The best IPs are on this forum.
Good luck with your IVA.
1st call 3rd Nov 2010.
Creditors meeting 21st Feb 2011.
IVA approved 22nd Feb 2011.
Will all be over 21st Feb 2016.
I would certainly speak to one or two IPs via www.iva.com the advice is free and you certainly shouldn't be told that you have to have £250 to do an IVA.
Give one or two a ring.
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
Hi All
Just to update you all, I finally received my account details through from the Coop today and I decided to go with Direct Debt Solutions. Nothing has happened as yet, and as yet no creditors have called asking for money, although I know this will happen soon. Thanks for your help. I will keep you all infomed.
Glad you've got your account details from the Coop and have made the decision to go with Direct Debt Solutions, remember we're here for you for advice, guidance and support so be great to hear from you xx
IVA final payment left the bank on the 26th January 2013...looking forward to a debt free future.
Glad you are getting sorted rugbygirl - DDS is part of Blair Endersby so your IVA will be done through them. They're a big company but they have good feedback and they do have a poster on the forum if there are any problems.
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
Can't say I've heard of them. I'm sure one of our other posters will have though.
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
