Can't see it being an issue, as long as you keep your IP in the picture and as long as you can continue to make the payments agreed at the outset of the IVA. Of course, if your IVA includes a lump-sum from equity in a property in the final year, as many do, then you need to be sure you can continue ...

millize - that's pretty much right: I'd add one thing - iIf you have a partner, make sure you both understand how an IVA will impact on each of you, especially if you have joint debts. With joint debts you are normally boith jointly and severlly liable for the entire amount, which means if you are i...

Not all IVA firms, of course will charge you £6K. ClearDebt's Nominee's fee would be £1,250 and £500pa Supervisor's fee: £3,750 in total for a five year IVA.

Regards

ClearDebt
www.cleardebt.co.uk

Neverending... hear hear. I might take issue in detail with some of what you say, but other than a horror of any sort of upfront fee (for reasons stated elsewhere), I can't at the moment think what. Your last point, "where is the incentive for the IP to ensure that the IVA runs its course ? " goes r...

James said "If you can get a third party to stump up the deposit, why not ask them if they will let you use this as a full and final settlement offer for you IVA....." Great point - wish I'd thought of it. Of course this does rely on someone being generous enough to offer the cash as an outright gif...

Oh, I forgot, if the IVA fails, the IVA firm keeps its fees. Generally, we've earnt them.

Regards

Andrew

ClearDebt
www.cleardebt.co.uk

The £4K comes out of what you pay - your surplus is calculated to ensure it is affordable: You are paying, in this example, 75% of what you owe and the IVA firm takes its fees out of that surplus. Whether the IVA provider charges a lot or a little your surplus should be the same (or similar): The ad...

Sorry - I meant to mention that miss-selling issue. Back at the meeting for the IVA community KPMG hosted in Birmingham a few months ago a number of creditors complained about IVA firms (no idea who) who were calculating the surplus quite generously and then asking the debtor to stop paying creditor...

I think this raises a couple of interesting points. The first is that I don't think we find many cases where an upfront fee would be easily paid, before the interest freeze and reduced payment regime of an IVA is actually in place. The second thing is a related miss-selling issue which we think may ...

40% of realisations: You owe £20,000. You go into a five year IVA offering to pay a monthly surplus of £250 over 5 years. That's 60 payments of £250 totalling£15,000 (lucky creditors). The IVA fim cited by Mr Holt would take in fees (after expenses of the case - usually a few hundred pounds) 40% of ...

Good point about the deposit neverending - but can I suggest there is also another thorny issue about actually acquiring a property whilst one is in an IVA. It's this, A new property is an after-acquired asset. It will need to be declared in the IVA's annual review: If there is equity (which there w...

Insolvency Practitioners are regularly disciplined, fined, made subject to rigourous supervision and even struck off. They are closely regulated and also subject to intense scrutiny, largely because they are the only "winners" in situations where, often, everyone else (debtors and creditors) is losi...

What do you mean by upfront fees neverending? I'm very happy to be upfront about our fees - our website quite clearly states what we charge (we are n a minority of IVA providers in doing this). However, charging fees upfront is quite a different thing - the debtor is in dire straits anyway and can r...

There is a really interesting Debt Blog on the BBC website at the moment, where the writer is dealing with CCCS. Sadly, it looks as if CCCS are in on the joke - iI wonder whether things would be different if the journalist's identity had been hidden? In any case it makes interesting reading. Find it...

Face-to-face meetings are something I'd like to see all the experts here stress are essential. Not only does the Insolvency Practices Council consistently recommend them as best practice, but we have found that they improve understanding, provide a quality of advice check which helps to ensure the o...