questions re fees

[Adam Davies]

Hi
Insolvency practitioners can have a balance of several million pounds,of clients money, in their client account.
Certainly not a job for your average Joe Bloggs !!!
Regards

[moretolife]

hello again cybus...by "realisation" do you mean total paid back...our total debt was 96,000...and we have 32p/£ as dividend

sorry to keep asking...just trying to understand
thank you

[PoorbutHappy]

hope they dont keep all that cash in Iceland, else they might need their own services soon

pbh

[MelanieGiles]

IP fees in IVAs can often seem disproportionate in the earlier years, given that the costs of the nominee are supposed to be paid before the IVA commences. When I first started doing IVA's in the late 1980's, you would not dream of taking on work without full payment - but how times have changed.

I often feel that some IPs do not explain the basis of their charges in full to their clients at the outset. Perhaps this comes from embarrassment, or disregard for their client, but I make it a policy of clearly explaining the basis of my charges and I have never had any complaints.

My Dad always used to say a fair day's pay for a fair day's work, and if this is properly explained from day 1 then there can be no confusion.

[David Mond]

Since 1st February the fees for doing an IVA have come down dramatically. My firm have always stated on its web site (even before 1 February 2008 what those fees are. Our current average fee due to the IVA Protocol is around £1,500 plus VAT for the Nominees Fee and between £600 and £800 per year for the supervisors fee. There are also Bonding Costs and the fee to the Government.Creditors have done a good thing in bringing fees down which ultimately gets them a better dividend.

[Cybus]

hello again cybus...by "realisation" do you mean total paid back...our total debt was 96,000...and we have 32p/£ as dividend

sorry to keep asking...just trying to understand
thank you

I mean the total amount to be paid in by you over the course of the arrangement.

[David Mond]

Different IP's pay different Bond rates (based on monies due into the arrangement) and it can vary significantly. This would have been shown on the original Outcome Statement attached to the original IVA Proposal.