my iva

[zippy72]

Hi,I just want people to know about my iva,To start with i was not offered an alternative to an iva,they thought an iva was my only option,I also did not know that the supervisors fees and nominees fees were so high! i have just had my annual review through the post,I have paid £10703 into my iva and ive only paid £5387.66 to my creditors! I know i have been misold my iva,I have no assests,I dont own property, a car or shares. I am now going through bankruptcy which i was not offered as an option to me over 2 years ago!

[mish1953]

Zippy are you 'doing' your bankruptcy on your own or is a company doing it for you ?

Misold IVA's are a bit of a hot potato just now .

Slainte
Mish

[emma_t]

Hi Zippy72

Sorry to hear of your disatisfaction with your iva.

All the options should have been fully discussed with you from the start, I am also in an iva and have no assets so bankruptcy was what some advised for me. I did not want to take this route and wanted to pay what I could back to my creditors over the 60 months of an iva and felt this was a better option for me.

With regards to fees, these were clearly laid out for me on paper from the start in my proposal and it was my choice to either sign and accept or to not continue with the proposal.

I think the term 'mis selling' of an iva is dangerous as as the onus is still on the individual to read, check and sign the proposal. I know from my experience I felt fully informed at every stage and am very happy with my IP and her team - every avenue was discussed at the beginning.

I wish you well and hope thngs run smoothly for you from now and you feel you have taken the right course of action.

[zippy72]

Zippy are you 'doing' your bankruptcy on your own or is a company doing it for you ?

Misold IVA's are a bit of a hot potato just now .

Slainte
Mish

[zippy72]

hi mish,i am doing it through a company which is 4 payments of half what im paying to my iva.

[catullus]

And what do you get for your 4 payments zippy?

[zippy72]

Hi Zippy72

Sorry to hear of your disatisfaction with your iva.

All the options should have been fully discussed with you from the start, I am also in an iva and have no assets so bankruptcy was what some advised for me. I did not want to take this route and wanted to pay what I could back to my creditors over the 60 months of an iva and felt this was a better option for me.

With regards to fees, these were clearly laid out for me on paper from the start in my proposal and it was my choice to either sign and accept or to not continue with the proposal.

I think the term 'mis selling' of an iva is dangerous as as the onus is still on the individual to read, check and sign the proposal. I know from my experience I felt fully informed at every stage and am very happy with my IP and her team - every avenue was discussed at the beginning.

I wish you well and hope thngs run smoothly for you from now and you feel you have taken the right course of action.

[zippy72]

yes i knew there were fees but not that much,and im glad ur iva team went through different options with you.

[zippy72]

And what do you get for your 4 payments zippy?

[zippy72]

To go bankrupt,i wasnt offerd any alternatives at start of my iva.

[emma_t]

Hi Zippy

The first company I approached had low fees but I did not feel comfortable with them as it seemed I was just a case number to them and I could not get questions answered that I needed to.

I went with the second company who are great and I have recieved the best advice and support. I wish everyone could get the same level of service but from reading this forum for a long time now it is not the case for everyone unfortunatly.

I think a lot of posters will be able to give you advice on bankruptcy but from hat I understand is most people go to the courts, pay the fee and do it themselves.
I have no experience of this so could not advise, but are you sure the company representing you now have your best interests at heart?

[OPTIMIST12]

zippy72 -

Hi - If you have completed two years of your IVA I think that the fees you quote were pretty standard at that time.. You have paid £10703 - and £5387 has gone to creditors. That leaves £5320.

I am guessing that your Nominees fee was about £2500 and - say - £1800 to cover two years Supervisors fees. Add on about £750 for 17.5% VAT and that gives you a total of £5050. That leaves about £270 which I assume was miscellaneous disbursements and VAT on disbursements. Are those figures about right?

It is certainly not good if you were not made fully aware of these fees before you agreed to go ahead with an IVA.

[zippy72]

well im going for it,im paying 4 payments of £250 which is half of what im paying on my iva,im sure they have got my best intrests,i will have to wait and see.

[catullus]

Did the company you are using advise you that you can make yourself bankrupt for free, using the Insolvency Services on line petition?

Many posters on this board have done this without having to pay any more fees.

Of course you will need the court fee and deposit of £485, but you will also need that with the company that you are now using.

So what are they going to do for you for your 4 payments, and out of interest, how much do those 4 payments come to?

[zippy72]

zippy72 -

Hi - If you have completed two years of your IVA I think that the fees you quote are pretty standard. You have paid £10703 - and £5387 has gone to creditors. That leaves £5320.

I am guessing that your Nominees fee was about £2500 and - say - £1800 to cover two years Supervisors fees. Add on about £750 for 17.5% VAT and that gives you a total of £5050. That leaves about £270 which I assume was miscellaneous disbursements and VAT on disbursements. Are those figures about right?

It is certainly not good if you were not made fully aware of these fees before you agreed to go ahead with an IVA.