Hi, what are the fees for processing an IVA ?

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Paul.y

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Post by Paul.y » Fri Aug 14, 2015 1:48 pm
Hi, what are the fees for processing an IVA ?
 
 

kallis3

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Post by kallis3 » Fri Aug 14, 2015 1:52 pm
Hi and welcome to the forum.

Fees vary from firm to firm depending on debt level and what the creditors accept. It will all come out of your monthly payment.
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Michael Peoples

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Post by Michael Peoples » Fri Aug 14, 2015 2:07 pm
There should be no fees for processing the application and any fees would be paid from the 'pot' if the IVA is rejected. There is rarely any justification in paying up front fees.
Michael Peoples | McCambridge Duffy Insolvency Practitioners
http://www.mccambridgeduffy.com
If you would like to talk to me about proposing an IVA or have any questions at all please visit www.mccambridgeduffy.com
 
 

Foggy

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Post by Foggy » Fri Aug 14, 2015 2:41 pm
If a company charges any "fee" walk ( or run) away. Most reputable firms do not charge fees upfront. Some might ask for the first agreed payment to be ready but this is usually negotiable if it presents a problem.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
 
 

Lisa Thomas

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Post by Lisa Thomas » Fri Aug 14, 2015 3:01 pm
Sorry Paul but no-one can give you a firm answer, as you can see! Depends on a whole lot of things. Your chosen IP should be able to give you this information once they know your circumstances. recommend you speak to one in person.
I'm a licensed IP with 16+ yrs at Neville & Co covering the South West area. I have a YouTube channel with advisory videos on here: https://www.youtube.com/channel/UCMPTTu ... Z5k9ZcC2MA http://www.nevilleco.co.uk 01752 786800 Lisa@nevilleco.co.uk
 
 

Adam Davies

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Post by Adam Davies » Fri Aug 14, 2015 5:18 pm
Hi

Yes there are fees for an IVA, both set up fees [nominee] and supervisory fees to manage the IVA. These will come out of the monthly money that you pay in each month once your IVA is agreed and are agreed and authorised by your creditors. There should be no actual upfront fee payable by yourself

Speak to several companies and make sure that all your questions/concerns are answered

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Andam Davies
 
 

Paul.y

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Post by Paul.y » Thu Sep 29, 2016 1:21 am
I have a car on Hire purchase. I've paid 60% of the balance so far. Where do I stand legally with the car if I do the IVA.

Thanks

Paul
 
 

Foggy

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Post by Foggy » Thu Sep 29, 2016 7:53 am
HP is normally secured on the vehicle and, as such, will not be included as an IVA creditor and the payments allowed in your expenses, assuming it is a modest vehicle. The IVA payments will then increase by this amount when the HP payments cease.

Most HP agreements do have a repossession clause in the even the borrower becomes insolvent, but most companies do not act on this as long as the loan is serviced correctly.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
 
 

Michael Peoples

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Post by Michael Peoples » Thu Sep 29, 2016 9:01 am
If you want to return the vehicle you would have no liability to any shortfall as you have paid more than half under the agreement. If you want to keep the vehicle and allowance will be made for the monthly payment.

Car HP payments are rarely an issue unless they are quite high in which case some creditors look either for a cheaper agreement or an extension to the IVA.
Michael Peoples | McCambridge Duffy Insolvency Practitioners
http://www.mccambridgeduffy.com
If you would like to talk to me about proposing an IVA or have any questions at all please visit www.mccambridgeduffy.com
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