IVA Charges

[Welsh Boy]

Skippy thanks for that, yes getting back to better health, I regularly look in on the site and read what`s going on but I am out on the road driving to clients I don`t have as much time to sit in front of a computer for most of the day, too busy working. I hope you are well and getting ready for Christmas!!! Tony

Mortgage Broker
See me interviewed on IVA TV:
http://www.iva.co.uk/tv/default.asp?id=156

[Skippy]

Hmmmm, Christmas [:(!]! We went into Tesco yesterday and everything seemed to be geared towards Christmas - toys, food, presents, clothes. It made me realise that I am quite happy not living off credit - people will have what I can afford. It also made me think about Christmas - it's not a time to try and outdo everyone else's presents and each as much as you can, it's about being thankful for what we actually have. That's quite deep for me!

Dave and I are both well, although both fed up with living out of boxes and suitcases - we will finish unpacking eventually!

Yesterday is history, tomorrow is a mystery, today is the present - a gift to make the most of.

View my blog at http://skippy13.blogs.iva.co.uk/

[Adam Davies]

Hi
Soneyse2t5 quote "The whole idea of IVA is debts are written off, thats their atraction, or why bother entering into one and paying 100% debt and fees - its legal too. I love it"
You have a strange view of IVAs with even stranger facts and figures.
The attraction of an IVA is that it allows you to repay an affordable amount for a set period with the security that your creditors will stop all interest,charges and contact.

Your other quote "If you have property, there's virtually little written off. " is just simply wrong.

Please keep statements factual,or at least reasonably factual.



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

[Cybus]

It makes me cringe when they refer to this wonderful new legislation. It's been around 21 years, by kids standards these days, that's as old as time itself!

It makes me double cringe (Technical term, I believe) when they say you can legally write off upto X% of your debts. To me that is not the way any IP should be portraying an IVA. Debtors should be making there best offers of repayment and nothing less.

In answer to the original question posed. The IP's fee to set up an IVA, (The Nominee's Fee) varies from place to place. More often than not, an IVA will run for 5 years, during which you would make 60 monthly contributions. The Nominee's fee is a one off fee which is usually funded from those contributions that you would be making in to the arrangement and not a fee you have to pay on top.

Similarly if you arrangement were to be funded by a lump sum payment, then the Nominee's fee would be taken from that.


Tell it like it is.

[emma_t]

I have hsbc as a creditor and are set to pay 38p in the £. They voted for my proposal.

It gets my goat when adverts lead people t believe that they will get 75% of debt written off, it all depends on circumstance and how much you can afford to pay back - I think it's every individual in an iva's duty to pay back as much as they possibly can.

I feel very lucky to have the chance to become debt free in 60 months with an iva and am more than happy to pay back as much as possible in that time.

[lily]

BLIMEY

I NEVER THOUGHT ABOUT HOW MUCH DEBT WOULD BE WRITTEN OFF, I WANTED AN ANSWER TO THE BLACK, HORRIBLE, STRESSFUL MESS I HAD GOT MYSELF INTO. I was desperate for help to repay my debts in such a way that enabled me to feed myself and my family. I never wanted an easy way out, just a possible way out.

lily

[Adam Davies]

Hi
I agree with Lily,the amount written off and also IP charges are the last thing that you are concerned about.
All you are looking for is a company to help you sort out this neverending debt problem,you are also looking for a company that you can trust to look after your interests.
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

[dev92]

OH MY GOD! I can't believe some peoples audacity, people like myself who have had years and years of stress, worry, embarrassment of being in debt have not taken the decision lightly to enter into an IVA process or Bankruptcy some people on this forum after reading the stories were on the brink of suicide, and I'm sure that there are some people who hadn't found this forum for help and support it was too late!! I have not entered into the IVA thinking WOW!! I am going to have 75% of our debt written off, its takes guts to make that phonecall and anyway, in the beginning I felt guilty, but now I don't because for years and years my creditors were making money out of me with interest,bank charges, late payment fees, credit card limit fees etc, so anyone who writes on this forum without not actually being in the situation in the first place should keep their comments to themselves, this forum is a support mechanism for people, and it can happen to anyone you only have to read todays News of the World to find Kerry Katona has asked W3 debt solutions to sort her finances out!!!

[OPTIMIST12]

I too would like to agree with lily - My God - as long as all parties are happy the ONE thing I care about is completing my IVA after 60 months.

And in answer to dev92 - its true that banks pile on the charges BUT - they ARE generally set out in the small print and at the end of the day we must all accept our part in getting where we are. I know different people have different feelings about this point - no criticism of anyone intended.

Like I said though - the only thing that matters in the end is reaching a mutually acceptable agreement whereby all parties agree a path to bring an end to the debt spiral.